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Trump Media's Truth API Triggers SEC Probe Demand

8/12/2026

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Summary

Story summary

Trump Media launched the Truth API, giving Wall Street firms access to U.S. President Donald Trump’s Truth Social posts.
Interim CEO Kevin McGurn said ten high-frequency trading customers will pay $60,000-$100,000 monthly, generating $7-$12 million annually, two- to three times prior revenue.
Sen. Elizabeth Warren (D-MA) and Sen. Adam Schiff (D-CA) urged SEC Chair Paul Atkins to investigate, calling it a ‘shocking abuse of the President’s office.’

History

Historical Context

In 1975 Congress authorized the SEC to create a national market system, and in 2005 it adopted Regulation NMS to require real-time market-data sharing and protect the best-price (NBBO) quote. The rule let exchanges sell high-frequency data, supporting $7.5 trillion of trading volume by 2018. Trump Media’s Truth API mirrors this model, prompting Senators Warren and Schiff to ask SEC Chair Paul Atkins to investigate.

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Story summary

Trump Media launched the Truth API, giving Wall Street firms access to U.S. President Donald Trump’s Truth Social posts.
Interim CEO Kevin McGurn said ten high-frequency trading customers will pay $60,000-$100,000 monthly, generating $7-$12 million annually, two- to three times prior revenue.
Sen. Elizabeth Warren (D-MA) and Sen. Adam Schiff (D-CA) urged SEC Chair Paul Atkins to investigate, calling it a ‘shocking abuse of the President’s office.’

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