U.S. Representative Ritchie Torres has asked the Securities and Exchange Commission to investigate Truth API, an upcoming product from Trump Media & Technology Group, the parent company of Truth Social. Torres requested that the SEC examine whether the service could violate federal securities laws and assess possible issues tied to market manipulation, investor protection, and conflicts of interest. According to an earlier report cited in the brief, Truth API is scheduled to launch on Aug. 1 and will give paying clients real-time access to public posts from popular Truth Social accounts. Licensing fees for the service can run as high as $100,000 per month. The request puts regulatory focus on a data product tied to a social media platform owned by Trump Media.
U.S. Representative Ritchie Torres has asked the Securities and Exchange Commission (SEC) to investigate Truth API, an upcoming product from Trump Media & Technology Group (TMTG), the parent company of Truth Social, according to ChainCatcher.
Torres asked the SEC to review whether the product may violate federal securities laws and to assess whether it involves market manipulation, investor protection concerns, or conflicts of interest.
Truth API launch is set for Aug. 1
An earlier report said Truth API is scheduled to go live on Aug. 1. The service will provide paying clients with real-time access to public posts from popular Truth Social accounts, with licensing fees reaching as much as $100,000 a month.
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