U.S. Congressman Requests SEC to Investigate Truth API for Potential Violations of Federal Securities Laws

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U.S. Congressman Ritchie Torres has directed the SEC to examine whether the Truth API from Trump Media & Technology Group may violate federal securities laws, including issues surrounding the securities versus commodities classification. The investigation addresses concerns such as market manipulation and investor protection. Scheduled for launch on August 1, the API will provide paid access to Truth Social data, with monthly fees of up to $100,000. The inquiry also encompasses CFTC compliance and potential conflicts of interest.

Odaily Planet Daily reports: U.S. Congressman Ritchie Torres has requested the U.S. Securities and Exchange Commission (SEC) to investigate whether Truth Social’s parent company, Trump Media & Technology Group (TMTG),’s upcoming Truth API violates federal securities laws, and to assess whether it involves market manipulation, investor protection, and conflicts of interest.

Previously, the Truth API is set to launch on August 1, providing paid customers with real-time access to publicly posted content from popular Truth Social accounts, with licensing fees reaching up to $100,000 per month. (Axios)

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