Trump's move to sell early access to his Truth Social posts appears 'illegal', officials warn

President Donald Trump is set to continue his money-making ways, but after launching his own meme coin and a gold-covered smartphone, he could soon earn a few extra dollars from selling early access to his Truth Social posts. The problem is, one former Securities and Exchange Commission official warns the POTUS' latest move could be 'illegal'.

Donald Trump is now well into his second term, with some of his more outlandish plans including a massive revamp of the White House to build a new ballroom, putting a Golden Dome of defense above the country, and waging war against the rest of the world with his trade tariffs.

We've already seen him successfully rename Florida Palm Beach Airport as President Donald J. Trump International Airport, and while he can't profit from merchandise sold directly within the terminal, the Trump Organization maintains exclusive ownership of the trademark.

What is Truth API?

With President Trump permanently booted off X (formerly Twitter) in January 2021, he decided to launch his own social media platform in the form of Truth Social.

Truth Social launched in February 2022, and since then, has become a fascinating glimpse into the mind of the Commander-in-Chief. Does anyone remember when he appeared to depict himself as an AI version of Jesus Christ?

It was also on Truth Social that Trump declared a 'whole civilization will die tonight’ when putting Iran in his crosshairs.

His latest plan involves charging people for early access to Truth Social posts, with NPR explaining how Trump Media & Technology Group is now offering a 'premium' version of Truth Social for a jaw-dropping $100,000 a month.

The main idea is to give trading firms access to market-moving announcements, economic policy, and announcements about global affairs as part of the new 'Trump API'.

It's important to note that TMTG hasn't directly confirmed Truth API includes the main man himself's account, although his 13 million followers make him by far the most-followed on the platform.

Although Trump Media & Technology Group claims users are already flocking to the premium service due to Wall Street often hinging on split-second decisions, others are concerned about what this could mean for the rest of the world.

One anonymous Wall Street executive vowed to steer well clear of Truth API as they vented: "It's insane. I can say for myself and 200 of my friends in finance, we're not getting anywhere near this. In another administration, this would be considered criminal."

Sticking with the idea that Truth API could be 'criminal', others have expressed genuine legal concerns. Although NPR says it spoke to 12 supposedly major players in finance, brokerage, hedge fund, and other investment sectors, none of them would speak publicly about Truth API amid fears they could be targeted by the president's wrath.

Could Truth API be 'illegal'?

Former SEC official Renée Jones claims that offering paid access to Truth Social could fall under insider trading laws. Jones reminds us of federal securities laws that prohibit non-public information and giving traders an unfair advantage, with the law reiterating it's a breach of "a duty or trust of confidence."

Jones mused: "So if the president's Truth Social posts are being monetized, and if some people get special access to them, that's misappropriated information. And by giving people his posts early, he is also violating his duty of trust and confidence."

Even though social media companies offering exclusive access is nothing new, the fact that the president often discusses official government policy on Truth Social means this tier could land him in trouble with the STOCK Act.

The 2012 law prohibits members of Congress and the president from trading stocks on anything that could be considered privileged information.

Then again, there might be a loophole here, as she admitted: "That said, I could imagine Trump's lawyers arguing that because they announced it out in the open, it's not deceitful, it's not fraudulent."

There's been further backlash as Massachusetts' Senator Elizabeth Warren and California's Senator Adam Schiff wrote to the SEC and slammed Truth API as "an outrageous abuse of the President's office for his personal benefit that undermines everyday investors and the integrity of our markets."

While the pair called for an investigation and the SEC has declined to comment, the Trump Media & Technology Group maintains it's doing nothing wrong.

Spokesperson Shannon Devine says an early preview of posts doesn't count as insider trading, as she concluded: "Truth API offers customers the fastest way to ingest publicly available Truth Social data. Critics must have invented a new theory of 'insider trading' based on publicly available information."