New York Democratic Congressman Ritchie Torres sent a letter to Paul Atkins, Chairman of the Securities and Exchange Commission (Securities and Exchange Commission, SEC), in which he asked questions about the legality of the Truth API service before its launch. The tool was developed by a company in which US President Donald Trump has a stake; it provides traders and large investors with priority access to the White House's publications on the Truth Social social network for an additional fee.
The Truth API product involves selling Wall Street firms faster, machine-readable access to Trump's posts “in milliseconds” that would allow automated trading systems to respond before regular investors receive the same information through regular channels, the congressman claims.
The technology company Trump Media & Technology Group plans to launch the tool on August 1, in which the head of the White House retains approximately 41% of the shares, the Democrat clarifies. Its main asset is the social network Truth Social, where Trump's account is the most popular with almost 13 million subscribers.
“President Trump regularly uses Truth Social to announce or discuss decisions regarding tariffs, foreign policy, energy policy and individual companies. Such statements could have an immediate impact on the securities, commodity and other financial markets,” Torres said in the letter.
The congressional document asks the SEC to evaluate whether Truth API's design, marketing, operation, or use violates federal securities laws, market manipulation protections, broker-dealer obligations, or other investor protection requirements.
Separately, the Democrat is calling for a coordinated investigation with the Commodity Futures Trading Commission, the Office of Government Ethics and other federal agencies into a broader range of issues related to “market integrity and conflicts of interest” that arise in connection with the “monetization of expedited access” to official communications from the head of the White House.
“There is a fundamental difference between a social media platform that provides access to routine data and a company that is largely owned by a sitting president and sells sophisticated traders faster access to his market-moving policy announcements,” Torres said.
American markets cannot remain reliable if presidential power is turned into private trade advantage, the congressman said. Separately, he mentioned that such practices “raise serious concerns” about market integrity, investor protection and public trust, and also “requires immediate consideration by the Commission.”
He also asked the SEC to answer whether the financial department will review the Truth API before its launch on August 1, and consult with Trump Media & Technology Group, and also asked what precautions will be taken to avoid abuse in the markets.
According to CBS News, from January 6 to March 30, 2026, the president's investment accounts made 2,346 purchases and 1,296 sales, and Trump's fortune grew by $1.4 billion over the past year. At the same time, the head of the White House claims that neither he nor his family influence the investment portfolio – it is managed by independent managers.
California Governor Gavin Newsom also accused Trump of enriching himself by $4 billion and corruption. Against this background, he claimed that the US Department of Justice had launched an investigation against him and his wife at the direction of the president, as reported by RTVI.
This is not the first time that the Trump family has been suspected of insider trading, that is, a situation where some stock exchange players gain access to classified information in advance and, based on it, make transactions that are profitable for themselves. Depending on the specific circumstances and the amount by which the person concerned has enriched himself, such activities may expose the participants to criminal liability.
Donald Trump Jr. was suspected of such trading on platforms where traders place bets on the outcome of various events, including political ones. One of the anonymous traders on Polymarket, where Trump Jr. is an adviser, made his final bet less than five hours before the start of the American operation in Venezuela and won more than $400,000.
His brother Eric Trump was also suspected of trying to make money at the UFC tournament at the White House for the 250th anniversary of US independence. Sports promotion commentator Daniel Cormier posted a screenshot on X (formerly Twitter) where he allegedly receives messages from his account asking whether the results of the fights will be rigged. The post was later deleted, and Cormier and the president’s son began to deny the correspondence.
