Senator Mark Warner is urging banks and trading firms to reject a new product offering early access to posts from Donald Trump's Truth Social platform, citing concerns about information asymmetry and potential personal profit from government policy announcements.
This development raises concerns about potential market manipulation and unfair advantages for financial firms that pay for early access to information that could influence government policy, potentially benefiting Donald Trump financially.
U.S. Senator Mark Warner has called on Wall Street to reject a new paid data feed from Trump Media & Technology Group (TMTG) that offers early access to posts from the Truth Social platform, including those from President Donald Trump. Warner, a senior Democrat on the Senate Intelligence Committee, warned in a letter to financial industry trade groups that the arrangement creates a "very troubling form of information asymmetry" and allows Trump to personally profit from government policy announcements.
The product, dubbed "Truth API," is designed to deliver posts from the 10 most influential accounts on Truth Social to clients at a significantly faster pace than standard notifications. Reuters has reported that TMTG has discussed charging financial firms as much as $100,000 per month for this service, with a discounted rate of $60,000 monthly for three-year commitments. Ethics experts have noted the unusual nature of this situation, as Trump's posts often contain information relevant to government policy and can move global markets.
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