Paid Early Access to Trump-Related News Sparks Resistance From Trading Institutions
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According to people familiar with the matter, the Truth API data service launched by Trump’s media company is facing resistance from some trading firms. While several trading institutions have signed contracts to use the service, firms including Hudson River Trading and Citadel Securities have stated they are unwilling to pay for it, arguing it is not a necessary requirement for trading operations. The sources requested anonymity due to the non-public nature of the information involved. Analysts note that existing insider trading regulations do not explicitly cover scenarios where a sitting president uses their media platform to publish market-moving information, or sells faster access to such information to the market. Karen Woody, a professor at Washington and Lee University School of Law, said the past regulatory framework did not anticipate that a sitting president might take such actions. Paul Atkins, chairman of the U.S. Securities and Exchange Commission (SEC), previously stated in an interview that the SEC is monitoring developments related to the Truth API data stream.
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