Trump Truth Social premium service gives Democrats investigation target

President Donald Trump’s social media network’s plan to sell faster access to Truth Social posts hands Democrats another high-profile target as they prep congressional investigations into the Trump administration in case they win in the November midterm elections.Trump Media & Technology Group, which runs the Truth Social platform, recently announced the plan. Trump’s posts to the platform often move markets, and the company said it is now planning to roll out a business-to-business data feed that would provide institutional customers with immediate access to the president’s announcements. The service would allow high-frequency traders to profit from advance notice of significant Trump actions. Some legal experts argue that, while likely not in violation of federal law, the move raises ethical concerns and could result in Democratic investigations if the party ends up retaking the House or Senate in November.“I think it’s more possible depending on what happens in the elections that you’d see some sort of political response to it, up to and including threats and investigations related to impeachment,” said Dan Greenberg, a senior legal fellow at the Cato Institute.There have been reports that the company discussed charging investment firms as much as $100,000 for early access to Trump’s often newsy and market-moving posts on Truth Social. Reuters also reported that a discounted plan costing $60,000 per month was pitched for customers who commit to a three-year contract.In a news release, Trump Media & Technology Group said the service, dubbed Truth API, would “close the gap” for firms that prioritize immediate access to information.“Markets already move on Truth Social posts,” said Kevin McGurn, interim CEO of TMTG. “Truth API delivers a direct, licensed, real-time feed of the platform’s most market-moving Truths while advancing our strategy to monetize proprietary assets through a high-margin, recurring revenue stream. As adoption grows, we expect Truth API to become a meaningful, ongoing source of revenue for the company, creating lasting value for shareholders.”But because of the nature of the product, and offering Wall Street early access to statements directly from the president, Democrats have raised major ethical concerns. The Washington Examiner reached out to TMTG for comment.For instance, Sen. Mark Warner (D-VA) sent a letter to the presidents of the Bank Policy Institute, Securities Industry and Financial Markets Association, Managed Funds Association, Financial Services Forum, Principal Traders Group, and American Bankers Association urging them to reject the product.“This arrangement presents a serious risk to market integrity, creates a clear and unacceptable pathway for corruption, and undermines public confidence in the fair dissemination of market-moving government information — a crucial factor in maintaining stable and trustworthy financial markets,” Warner said.Critics also say it could amount to self-dealing, as the president indirectly owns a majority of TMTG through shares he transferred to a trust before entering office.David Cole, a professor at Georgetown Law and former national legal director for the American Civil Liberties Union, told the Washington Examiner that because the subscription service would benefit Trump, it represents a “serious ethical problem.”“Using his authority as president, essentially selling access to information that he has and that he is distributing in his capacity as president of the United States for his personal gain — that is about as corrupt as you can get,” Cole said.Cole said he thinks the matter “could well become” part of an investigation if Democrats take control of one or both chambers of Congress after the midterm elections.Kathleen Clark, an expert in government conflict-of-interest rules at the Washington University School of Law, told the Associated Press that while existing conflict-of-interest laws would prevent other government officials in a similar position, the president and vice president are excluded from the provision.“There don’t seem to be any legal conflict-of-interest problems of the kind that might occur if a federal senator or representative were doing this, because … there are not corresponding ethics rules for the president or vice president,” Greenberg added.He also said defenders of the president might simply liken the service to one akin to a Bloomberg terminal, where institutions pay thousands of dollars per year to have access to immediate market information.HOW THE BIG BEAUTIFUL BILL BECAME LAW: TRUMP LOCKS HORNS WITH GOP LAWMAKERSAnd while Truth API might not be illegal, that doesn’t mean Democrats can’t target it if they gain power in November. Greenberg said they could even use it in the context of impeachment if they so chose.“I think that many people make the mistake of saying conduct has to be criminal or otherwise illegal before it can be impeachable,” he said.