US Democratic Senator Mark Warner urged banks and trading companies on Tuesday (21st) to stop using a new product that provides early access to posts from former President Trump's social platform Truth Social, warning it would lead to a 'very concerning information asymmetry' at the government policy level. Trump's posts frequently trigger severe global market fluctuations, making this product highly valuable for trading.

Trump Media & Technology Group (TMTG) launched a paid data service called 'Truth API' earlier this month, offering financial institutions the 'fastest' delivery of posts, including those from Trump's account.

Warner also called on the leaders of major US financial industry associations to publicly oppose such arrangements, arguing that they allow the president to gain personal economic benefits from government policy information.

Warner, a member of the Senate Finance Committee, wrote in a letter to the heads of six major financial industry associations: 'I urge you to clearly state that the financial services industry will not endorse arrangements that sell preferential access to presidential communications that could influence markets, especially when such arrangements could provide economic benefits to the president personally.'

Market observers point out that if financial institutions pay for millisecond-level advantages, it could severely distort market fairness and raise strong public concerns about the boundaries between public office and commercial interests.

FACT BOX

  • Source: PR Times
  • Category: News
  • Organizations: Trump Media & Technology Group (TMTG)
  • Products / services: Truth API