Bill Would Bar Trump Media From Selling Early Access to Posts
Senate Democrats say the bill would bar presidents from profiting from advance social media access and add prison terms for sellers.
- On Tuesday, Senate Democrats introduced the Stop Corrupt Trading Act to bar presidents from profiting off advance access to their social media statements, targeting Truth API, a Trump Media service that launched Aug. 1.
- Interim CEO Kevin McGurn said Truth API would let the company "monetize proprietary assets" by selling real-time feeds of high-ranking Truth Social accounts to trading firms, expecting it to become "a meaningful, ongoing source of revenue."
- Sen. Alex Padilla's office estimates the service could generate roughly $120 million annually if about 100 trading firms subscribe at $100,000 monthly; Trump owns more than half of the company, which reported a net loss of more than $1 billion over the past year.
- The legislation would bar presidents and companies where they own at least 5% from selling "nonpublic information" distributed through an "application programming interface" on terms not available to the general public. Rep. Andrea Salinas is carrying a companion bill in the House.
- Placed on the Senate calendar under Rule XIV, the minority-party bill faces long odds in the Republican-controlled Senate; a 2019 Congressional Research Service report noted that Congress historically "excluded the President and Vice President" from recusal laws.
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Sen. Padilla Introduces Bill to Ban Trump From Selling Social Media Access
U.S. Sen. Alex Padilla (D-Calif.) introduced the Stop Corrupt Trading Act, legislation to prohibit any president or vice president, and any entity in which they hold a substantial financial interest, […] The post Sen. Padilla Introduces Bill to Ban Trump From Selling Social Media Access appeared first on edhat.
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Bill would bar Trump Media from selling early access to posts
(The Center Square) – Trump Media's new service selling fast access to Truth Social posts drew a legislative response Tuesday, as Senate Democrats introduced a bill to bar presidents from profiting off advance access to their own social media statements.
Senate Democrat unveils bill barring social media from selling early access to official posts after Trump API launch
Sen. Mark Warner (D-Va.) unveiled legislation Monday that would bar social media companies from selling expedited access to posts from government officials following the launch of Truth API. President Trump's media company launched the service over the weekend, which gives Wall Street firms advance access to Truth Social's “most market-moving” posts. Warner's bill, called the...
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