Trump Media and Technology Group, the company behind Truth Social, has begun selling priority access to President Donald Trump's posts, prompting Senator Alex Padilla to introduce legislation on Tuesday aimed at stopping it.
The California Democrat's bill targets a new data feed called Truth API, which lets investors and firms pay a monthly subscription fee to receive posts from notable Truth Social users, including Trump, in real time.
It is not known exactly how much the subscription costs, but Trump Media and Technology Group has reportedly suggested a monthly fee of up to $100,000.
Trump often uses Truth Social to announce major updates on military actions, ongoing conflicts and tariffs, giving his posts significant sway over stock market fluctuations. Subscribers to the API might gain only milliseconds over the general public, but that head start could still be enough to make consequential financial decisions.
Hedge funds say they have no choice
"People will pay because they have to," a hedge fund boss told the Financial Times last month. "If you're behind on that news, you'll get crushed."
What the Stop Corrupt Trading Act would do
Padilla's Stop Corrupt Trading Act would prevent companies affiliated with either the president or the vice president, including through family members, from monetizing information that is not available to the general public.
"Trump is the most corrupt president in history," Padilla said in a press release, criticizing the president for seeking to enrich himself while many Americans struggle financially.
Senators Richard Blumenthal, Jeff Merkley, Gary Peters and Sheldon Whitehouse joined Padilla in sponsoring the bill, while Representative Andrea Salinas is planning a companion bill in the House.
Slim odds, but some Republican unease
The legislation has little chance of advancing unless Democrats retake both chambers of Congress in November. Still, several Republican senators have also raised concerns about the Truth API, suggesting it carries negative ethical implications.
The conservative outlet the Washington Examiner published an op-ed calling on Trump to "pull the plug" on the API.
Trump's stake in Truth Social's parent company
Trump's 2025 financial disclosure showed him owning just over 40 percent of Trump Media and Technology Group, giving him a significant interest in the company's performance.
Trump and his family have also faced criticism over their cryptocurrency earnings, though they have never been accused of any financial crimes.
Neither Trump Media and Technology Group nor the White House immediately responded to the Daily Mail's request for comment.
