Raskin Launches Probe into Truth Social's Market-Access Plan

The proposed service, dubbed "Truth API," is scheduled for an August 1 launch. Raskin, the ranking member of the House Judiciary Committee, argues the move creates a "reverse Robin Hood scheme" by allowing Wall Street entities to pay $100,000 monthly for a head start on market-sensitive information. Because Donald Trump holds approximately 41% of the company's shares, Raskin contends that half of these subscription fees would flow directly into the president’s pockets.

The congressman’s investigation seeks a wide array of documents from interim CEO Kevin McGurn by August 13. Raskin warns that the mechanism could allow sophisticated investors to "front-run" the market during critical moments, such as announcements regarding war or economic data, potentially leaving retail investors at a severe disadvantage. These concerns are shared by Democratic Senators Elizabeth Warren and Adam Schiff, who have petitioned the Securities and Exchange Commission to intervene, labeling the platform’s new direction a fundamental threat to the integrity of capital markets.