Democratic Senators Elizabeth Warren and Adam Schiff have asked the United States Securities and Exchange Commission (SEC) to investigate whether Trump Media & Technology Group’s new premium data service could violate federal securities laws.
In a letter to SEC Chairman Paul Atkins, reviewed by Reuters, the lawmakers argued that the service could give selected investors an unfair advantage by providing faster access to President Donald Trump’s posts on Truth Social, some of which have previously influenced financial markets.
The senators questioned whether the service allows private investors to benefit from information linked to the President before it reaches the wider public.
Trump Media recently announced its Truth API service, a subscription product designed to provide trading firms with rapid access to posts from the platform’s 10 most influential accounts, including President Trump’s account.
Warren and Schiff said the plan creates ethical concerns by combining the President’s public role with his private business interests.
“The arrangement appears to be a blatant misuse of presidential authority for personal financial gain, disadvantaging ordinary investors, eroding the integrity of U.S. financial markets, and disproportionately benefiting Wall Street firms and wealthy insiders, ” the senators said.
The senators made the statement in their letter to SEC Chairman Paul Atkins, calling for an investigation into the potential impact of the service on market fairness.
They argued that presidential communications involving government policy should be available to the public at the same time, warning that giving certain investors earlier access could undermine confidence in financial markets.
The SEC confirmed receiving the letter but declined to comment, while Atkins, who was appointed by President Trump, also did not issue a response.
Trump Media rejected the allegations, accusing the lawmakers of misunderstanding the purpose of the Truth API service.
A company spokesperson said:
“Senate Democrats continue to mischaracteride Truth API either out of ideological opposition to free markets or a failure to grasp the distinction between public and nonpublic information or quite possibly, both.”
The White House directed requests for comment to Trump Media.
Reports indicate that Trump Media plans to charge customers up to $100,000 monthly for access to the premium data feed.
The company has said it has already secured customers ahead of the launch but has not revealed their identities.
President Trump, who indirectly owns about 41 per cent of Trump Media through a trust managed by his children, could benefit financially from the service.
The senators also highlighted previous instances where Trump’s Truth Social posts affected company valuations, including comments involving firms such as Citigroup, Intel and Palantir.
They warned that early access to such posts could create opportunities for unfair trading advantages and raise further questions about conflicts between presidential duties and private financial interests.
Trump Media dismissed the criticism, saying the senators had “invented a new theory of ‘insider trading’ based on publicly available information.”
