US lawmakers send letter to SEC, requesting investigation into Trump media data commercialization plan

1. Democratic U.S. Representative from New York, Ritchie Torres, has formally requested that the U.S. Securities and Exchange Commission (SEC) investigate whether Trump Media & Technology Group (TMTG)'s plan to sell real-time access to President Trump's social media posts to Wall Street institutions violates federal securities laws.2. In his letter, Torres stated that this plan may constitute the commercialization of non-public information, granting subscribing institutional investors an unfair trading advantage. He is concerned that ordinary investors could be disadvantaged due to being unable to access posts that may impact the market ahead of time.3. TMTG plans to officially launch its paid data interface service, "Truth API," on August 1. This product will offer subscribing institutions a real-time data stream of posts from the ten most popular accounts on the Truth Social platform, with a maximum monthly licensing fee of $100,000. Interim CEO Kelly McGehee stated the service could be expanded to cover more accounts depending on client demand.4. This letter marks an escalation in regulatory attention toward TMTG's data commercialization plan. Trump has repeatedly posted market-moving news on the Truth Social platform, and its posts have become a crucial source of information for Wall Street traders and algorithmic trading firms.