US Democratic lawmakers urge SEC to investigate Trump Media’s fast feed service

Trump Media & Technology Group has found a new way to monetize the former president’s social media posts. And two US senators would very much like the SEC to take a closer look at it. Senators Elizabeth Warren and Adam Schiff sent a formal request to SEC Chairman Paul Atkins on July 28, asking the agency to investigate TMTG’s newly launched “Truth API” fast feed. The service reportedly delivers posts from Truth Social’s most followed accounts, including Donald Trump’s, to institutional trading firms in milliseconds after they go live. The price tag: roughly $100,000 per month. The speed advantage Wall Street is paying for The Truth API targets the top 10 accounts on Truth Social, with Trump’s account and its approximately 13 million followers being the obvious marquee attraction. Trading firms subscribing to the service receive content essentially the moment it’s published, giving them a structural speed advantage over retail investors refreshing their phones. Warren and Schiff argue this creates a textbook case of information asymmetry. Not insider trading in the traditional sense, since the posts are technically public, but a pay-to-play speed advantage that effectively walls...