Adam Schiff

Senators Elizabeth Warren and Adam Schiff are calling on the U.S. Securities and Exchange Commission to investigate Trump Media's new data feed initiative, which provides early access to former President Donald Trump's social media posts. The senators allege this may constitute an illegal exploitation of Trump's presidential position for personal gain.

Trump Media, known as TMTG, has recently launched a paid data service that promises swift access to significant Truth Social accounts, including that of Trump. This service has led to heightened scrutiny and bears potential for legal, political, and regulatory dilemmas for both the company and its Wall Street subscribers. Critics argue it disadvantages everyday investors, favoring wealthy elites.

The SEC, under Chairman Paul Atkins, has acknowledged receipt of the senators' concerns but refrained from making a public comment. Meanwhile, the White House has redirected queries back to the company. Ethical experts have flagged the move as problematic, viewing it as a breach of Trump’s obligation to make such information publicly available.

(With inputs from agencies.)