Senator Alex Padilla, a California Democrat, has introduced legislation intended to block a new monetization strategy by the Trump Media and Technology Group (TMTG), the parent company of Truth Social. The proposed "Stop Corrupt Trading Act" seeks to prevent companies affiliated with the President or Vice President from selling exclusive, real-time access to their communications.
The TMTG is reportedly exploring a "Truth API" data feed that would allow investors and firms to pay a monthly subscription fee for immediate access to posts from prominent Truth Social users. Given President Trump's history of using the platform for significant announcements related to military actions, tariffs, and geopolitical events, such early access could provide subscribers with a market advantage, potentially influencing stock market fluctuations.
While the exact subscription cost is not publicly known, sources indicated that TMTG had suggested fees of up to $100,000 per month. Critics argue that this practice could allow well-resourced entities to profit from information unavailable to the general public, potentially leading to unfair financial decisions.
Padilla, a vocal critic of the former president, stated that the bill aims to address what he described as corrupt practices, particularly when many Americans are facing financial struggles. He was joined in sponsoring the bill by Senators Richard Blumenthal, Jeff Merkley, Gary Peters, and Sheldon Whitehouse. Representative Andrea Salinas is planning to introduce a companion bill in the House of Representatives.
The legislation faces an uphill battle, as it is unlikely to gain significant traction unless Democrats regain control of both congressional chambers in the upcoming November elections. However, the initiative has drawn attention from some Republican senators who have expressed concerns about the ethical implications of the Truth API. The conservative outlet The Washington Examiner published an op-ed urging Trump to discontinue the service.
President Trump's financial disclosures for 2025 revealed his ownership of over 40 percent of TMTG, indicating a substantial personal interest in the company's performance. The Trump family has previously faced scrutiny regarding cryptocurrency earnings, though they have not been accused of any financial crimes.
Neither the White House nor TMTG immediately responded to requests for comment on the proposed legislation and the Truth API initiative. The Trump Media and Technology Group began selling priority access to the President's posts on Truth Social, a move that has now prompted legislative action. The company's "Truth API" would allow paying subscribers access to posts in real-time, potentially giving them an advantage in financial markets. Senator Padilla's bill, co-sponsored by several other senators and with a companion in the House, aims to prohibit such practices. The bill's prospects are linked to the upcoming midterm elections.