Rep. Angie Craig Demands DOJ and SEC Investigate Trump's Insider Trading Subscription Service, “Truth API”
WASHINGTON, DC – Today, U.S. Representative Angie Craig demanded that the Department of Justice (DOJ) and Securities and Exchange Commission (SEC) investigate President Trump’s media company, “Trump Media & Technology Group” (“TMTG”), for its latest plan to unveil a $100,000 insider trading subscription service.
In a letter to Acting Attorney General Todd Blanche and SEC Chairman Paul Atkins, Rep. Craig pressed the Administration on its inaction following the announcement of “Truth API” – a blatant insider trading scheme that would enable the President to rake in personal profits by offering Wall Street billionaires inside information on the President’s social media platform, Truth Social.
“I am deeply disturbed by your agencies’ inaction on the $100,000 per-month insider trading subscription service unveiled by the President’s social media company, Truth Social,” Rep. Craig wrote. “This is another blatant giveaway to billionaires so that the President can make a quick buck at the expense of ordinary Americans.”
“Reuters reports that for high-frequency traders, a head start of just a few milliseconds can translate into hundreds of thousands of dollars on a single large trade,” she continued. “Every one of those dollars comes at the direct expense of the average investor who does not have $100,000 a month to spare to bribe President Trump.”
Rep. Craig highlighted that President Trump owns approximately 41 percent of TMTG through his revocable trust, so every dollar of revenue going to Truth API will go directly into the President’s pocket.
“A $100,000-a-month subscription may look like a drop in the bucket next to a $400 million plane from Qatar, but what is being sold here is worse than the price tag: it is a standing structural advantage over the American public in our own markets, handed to President Trump’s billionaire buddies on Wall Street,” Rep. Craig concluded.
Rep. Craig has led the charge to hold the President and his family members accountable for using the White House to enrich themselves. In January, she introduced her Presidential Conflict of Interest Accountability Act to prevent the President and Vice President from financially benefitting from their positions and take on President Trump’s clear conflicts of interest.
The bill would require the President and the Vice President to submit a disclosure of financial interests to Congress and the Director of Government Ethics no later than 30 days after assuming office. Under this legislation, the President and Vice President and their immediate family members would have to divest of any financial interest posing a potential conflict of interest by transferring it to a blind trust and selling it.
You can read the full text of the letter here.
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