Full Breakdown
Former Prosecutors Claim Trump Media’s “Truth API” May Violate Federal Law
By Drooid · · How we work
Trump Media’s Truth API Under Legal Scrutiny
On September 21, 2026, a group of 53 former federal prosecutors and agents filed a proposed amicus brief in a federal lawsuit filed by *The Intercept* and the Freedom of the Press Foundation. The brief argues that Trump Media & Technology Group’s newly launched “Truth API” – a data feed that sells Wall Street subscribers real-time access to posts from top Truth Social accounts for $100,000 – likely breaches multiple criminal statutes, including insider-trading provisions of the Securities Exchange Act and federal public-corruption laws.
Legal Allegations and Potential Violations
The former officials contend that the service creates a “profoundly corrupt” market advantage by delivering information to paying investors before it becomes public. They cite a hypothetical scenario in which President Trump announces new tariffs at 11 a.m., while a subscriber receives the news at 9 a.m., trades on it, and causes chip-stock prices to tumble after the announcement becomes public at 10 a.m. Under that scenario, both the President and the subscriber could be liable under the Securities Exchange Act, the brief says. The brief further asserts that the scheme may infringe the First and Fifth Amendments, arguing that no legitimate government interest justifies the practice.
Key Figures and Signatories
The brief was signed by several high-profile former officials, including Ryan Crosswell, a former public-integrity prosecutor; Michael Bromwich, a former inspector general; and Ty Cobb, who previously served as White House counsel during the first Trump administration. The filing was coordinated by the law firm Singleton Schreiber and the Campaign Legal Center.
Data on the Paid Access Service
- Subscribers: Wall Street firms paying $100,000 each for the feed.
- Timing: Subscribers receive posts at 9 a.m.; the information becomes publicly available at 10 a.m.
- Market impact example: A subscriber allegedly sold computer-chip stocks after receiving early notice, leading to a price decline once the news was public.
Next Steps in the Litigation
The plaintiffs are seeking a preliminary injunction to halt the early-access feed. A hearing on the injunction request is scheduled for early October at the federal courthouse in Manhattan. The White House and the Justice Department have been contacted for comment but have not responded at the time of filing.