Senate Minority Leader Chuck Schumer (D-N.Y.) criticized President Donald Trump over claims that trading firms are paying for early access to his Truth Social posts, arguing that similar conduct by a private company executive could trigger serious legal consequences.
Trump Truth Social Access Allegations
On Monday, Schumer made the comments on X while sharing a FactPost post alleging that Trump is selling early access to his Truth Social posts to trading firms for up to $100,000 a month.
"If this were the CEO of a private company, they could face jail time," he wrote.
He added, "But for Trump? Just another Monday."
Schumer further said, "He is the most corrupt president in our nation’s history. Democrats will hold him accountable for this and so much more."
If this were the CEO of a private company, they could face jail time.
— Chuck Schumer (@SenSchumer) August 3, 2026
But for Trump? Just another Monday.
He is the most corrupt president in our nation’s history. Democrats will hold him accountable for this and so much more. https://t.co/37BmNNWItN
Truth Social Data Access Debate
On Saturday, Trump Media & Technology Group’s (NASDAQ:DJT) new premium data service drew scrutiny over concerns that it could give wealthy investors faster access to Trump’s market-moving Truth Social posts.
The company launched its "Truth API" on Saturday, offering businesses a licensed, real-time feed of posts from prominent Truth Social accounts.
Interim CEO Kevin McGurn said the service was designed to provide companies with "a direct, licensed, real-time feed of the platform’s most market-moving Truths."
While Trump Media did not specifically name Trump, his @realDonaldTrump account was the platform’s largest, with about 13 million followers.
Trump had frequently used Truth Social to announce major policy decisions and discuss geopolitical developments.
Critics raised concerns that the service could allow paying customers to receive potentially market-moving information before the broader public.
The scrutiny also highlighted Trump’s family’s position as the largest shareholder in Trump Media, which operates Truth Social.
Truth Social API Faces Backlash
Last month, Sen. Adam Schiff (D-Calif.) and other critics raised concerns over TMTG’s Truth API service.
Schiff argued that Trump could personally benefit from selling early access to potentially market-moving posts, calling it a conflict of interest given Trump’s ownership stake in Truth Social.
He said investors could pay for a competitive advantage by receiving posts before the broader public.
Economist Peter Schiff also criticized the service, saying it reflects "Trump’s unprecedented exploitation of the presidency for personal financial gain."
Political commentator Ed Krassenstein warned that hedge funds and algorithmic traders could react to market-moving posts before regular users.
Former White House communications director Anthony Scaramucci called the initiative a potential unfair advantage for institutional investors over retail traders.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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