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Lawmaker asks SEC to probe Truth Social's plan to sell user data access

By PulseAugur Editorial · [1 sources] ·

Representative Ritchie Torres has requested that the Securities and Exchange Commission (SEC) investigate Truth Social's parent company, Trump Media & Technology Group (TMTG), over its plan to sell real-time access to posts from its top trending accounts. Torres argues that monetizing this data, particularly President Trump's market-moving posts, could violate federal securities laws and constitute market manipulation. The proposed Truth API product, set to launch soon, would offer licensed, faster access to these posts for institutional investors, raising concerns about an unfair advantage over retail investors. AI

IMPACT This regulatory scrutiny on monetizing social media data could set precedents for how user-generated content is valued and traded in financial markets.

RANK_REASON A lawmaker has formally asked a major regulatory body (SEC) to investigate a company's new product launch due to potential securities law violations. [lever_c_demoted from significant: ic=1 ai=0.4]

Read on Axios Technology →

AI-generated summary · Google Gemini · from 1 sources. How we write summaries →

Lawmaker asks SEC to probe Truth Social's plan to sell user data access

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A lawmaker has formally asked a major regulatory body (SEC) to investigate a company's new product launch due to potential securities law violations. [lever_c_demoted from significant: ic=1 ai=0.4]
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COVERAGE [1]

  1. Axios Technology TIER_1 English(EN) · Sara Fischer ·

    Scoop: Lawmaker asks SEC to investigate Truth Social's plan to monetize access to its data

    <p>Rep. Ritchie Torres (D-N.Y.) has asked the Securities and Exchange Commission to investigate whether plans by Truth Social's parent company to sell Wall Street firms real-time access to President <a href="https://www.axios.com/politics-policy/donald-trump" target="_blank">Trum…

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