Senators ask SEC to investigate Trump Media's data feed

Two U.S. senators have formally requested a federal investigation into a new paid service from Trump Media & Technology Group that sells ultra-fast access to former President Donald Trump’s social media posts, arguing it creates an unfair advantage for Wall Street firms. Senators Elizabeth Warren and Adam Schiff sent a letter to Securities and Exchange Commission Chairman Paul Atkins on July 28, asking the agency to examine whether the "Truth API" data feed violates securities laws.

The service, which the company plans to launch on August 1, provides institutional trading firms with near-instantaneous access to posts from the ten most influential accounts on the Truth Social platform, including Trump’s. According to reports, Trump Media has discussed charging subscribers as much as $100,000 per month for the feed. The senators contend this creates a harmful information asymmetry, allowing paying firms to trade on market-moving posts milliseconds before the general public can see them.

In their letter, Warren and Schiff characterized the product as an abuse of office for personal gain that undermines everyday investors and market integrity while enriching wealthy insiders. They...