Banking and Finance Law Daily Wrap Up, OVERSIGHT AND INVESTIGATION—Warren, Schiff seek SEC investigation of Trump plan to sell access to social posts, (Jul 30, 2026)

By Nora Macaluso

The two Democratic senators say a plan to give financial firms early access to President Trump’s social media posts could run afoul of securities laws.

Senators Elizabeth Warren (D-Mass.) and Adam Schiff (D-Calif.) asked the U.S. Securities and Exchange Commission to investigate whether Trump Media & Technology Group’s proposal to charge banks and trading firms for early access to President Trump’s Truth Social posts would be in violation of securities laws.

“This appears to be an outrageous abuse of the President’s office for his personal benefit that undermines everyday investors and the integrity of our markets, while enriching Wall Street and other wealthy insiders,” the senators wrote in a letter to SEC Chair Paul Atkins. They asked that the SEC “immediately open an investigation to determine whether the proposed arrangement violates applicable securities laws.”

President Trump holds a 41 percent stake in Truth Social, and “stands to profit from the launch of this service,” they wrote.

Trump’s posts on the platform “are one of the principal ways the President communicates with the public,” the senators said.

“The posts, along with others that will reportedly be offered as part of Trump Media’s ‘Truth API’ data feed, contain what the company’s own representatives bill as ‘market-moving information,’” the letter said. The plan “could result in enormous profits for firms and wealthy individuals that pay the subscription fee because ‘Trump’s social media posts often move markets,’” they wrote.

Allowing financial firms early access to Trump’s statements “will erode investor confidence in basic fairness of the markets,” they said.

“Trump Media’s plan to disseminate market-moving information through the President’s own company, while charging insiders for access ahead of the public for the benefit of his company—and to the detriment of the investing public—represents a shocking abuse of the office of the President and the trust of the American public for his personal gain,” the senators said.

The senators asked the SEC to provide them with details about the service ahead of its planned Aug. 1, 2026, launch. They asked for an analysis of the service under securities laws, along with any relevant analysis the SEC or its staff has conducted, and what the commission’s plan is to protect investors and markets from “harms created by the early release of information from the highest levels of our government to select Wall Street firms.”

Warren is the top Democrat on the Senate Banking Committee. Schiff sits on the judiciary, environment and public works, agriculture, and small business committees.

Senator Mark Warner (D-Va.) has urged major financial services trade groups to reject the service, saying paid priority delivery of the president’s posts could undermine market integrity and create privileged access to market-moving government information.

In a July 21, 2026, letter, Warner asked industry leaders to make clear that member firms will have no part in the arrangement. “No company should help the president convert official government acts into personal profit,” he wrote.

Warner’s letter was addressed to the heads of the American Bankers Association, Bank Policy Institute, Financial Services Forum, Managed Funds Association, Principal Traders Group, and Securities Industry and Financial Markets Association.

Companies: American Bankers Association; Bank Policy Institute; Financial Services Forum; Managed Funds Association; Principal Traders Group; Securities Industry and Financial Markets Association

LegislativeActivity: CrimesOffenses FinTech OversightInvestigations SecuritiesDerivatives