Warner presses Wall Street to reject Trump's paid data feed
A senior US senator is pressuring major financial trade groups to blacklist a new $100,000-a-month data feed offering early access to Trump's market-moving posts, warning it creates an unacceptable information asymmetry.
Senator Mark Warner is urging the heads of six major US financial trade groups to publicly reject a new paid data feed from Trump Media & Technology Group. The product, known as "Truth API," offers banks and trading firms faster access to posts from President Donald Trump, whose communications frequently move global markets. TMTG has discussed charging firms as much as $100,000 a month for the service, with a discounted rate of $60,000 a month for three-year commitments.
The data feed is designed to deliver posts from the 10 most influential accounts on Truth Social at a speed significantly outpacing standard push notifications. For high-frequency traders and algorithmic funds, even millisecond advantages in receiving government policy announcements can translate into substantial profits. Warner, the top Democrat on the Senate Intelligence Committee and a member of the Senate Banking Committee, warned that this setup creates a "very troubling form of information asymmetry."
In a letter sent to industry groups including the Securities Industry and Financial Markets Association, the Bank Policy Institute, and the American Bankers Association, Warner argued the arrangement is fundamentally flawed. "I urge you to make clear that the financial services industry will not legitimize an arrangement that sells privileged access to market-moving presidential communications, especially for the president’s personal financial benefit," he wrote. The intervention raises the prospect of political and reputational risks for any Wall Street firm that subscribes to the service.
While technology platforms generally possess the legal right to sell accelerated data feeds to clients, ethics experts note this situation is highly unusual. The distinction lies in the nature of the content: Trump's posts on Truth Social frequently serve as official government policy announcements. Monetizing early access to this specific information blurs the line between corporate data licensing and the public dissemination of state actions.
The financial industry's response to Warner's appeal remains uncertain. Spokespeople for the six trade groups did not respond to requests for comment, nor did TMTG or the White House. Until major industry bodies take a public stance, trading firms face a calculated risk between the potential trading edge provided by the feed and the regulatory scrutiny it may attract.
