Former Prosecutors Argue Trump Media's Truth API May Violate Federal Law
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A group of former federal prosecutors filed an amicus brief contending that Trump Media's paid service for early access to Truth Social posts could breach insider-trading and anti-corruption statutes.
A coalition of 53 former federal prosecutors and agents submitted a proposed amicus brief to a New York federal court, asserting that Trump Media & Technology Group's "Truth API"—which charges investors $100,000 for real-time access to high-ranking Truth Social accounts—likely violates multiple criminal statutes. The brief supports a lawsuit filed by The Intercept and the Freedom of the Press Foundation, which seeks a preliminary injunction to stop the service on constitutional grounds.
The former law-enforcement officials argue that the business model of selling early access to market-moving information could breach the Securities Exchange Act, federal public-corruption laws, prohibitions on illegal gratuities and conflicts of interest, and the Trade Secrets Act. They cite a hypothetical scenario in which a subscriber receives a presidential announcement about new tariffs two hours before the public release, trades on that information, and profits from the resulting market move, which they say would constitute insider trading.
"The Truth Social scheme poses an obvious risk of corruption, defying the compelling anti-corruption interests embodied in the Constitution, ethics codes, and federal laws," the brief states.
The brief, signed by former officials including Ryan Crosswell, Michael Bromwich and Ty Cobb, was prepared jointly by the law firm Singleton Schreiber and the Campaign Legal Center. A hearing on the injunction request is scheduled for Oct. 7 in Manhattan.
The White House and the Justice Department have not responded to requests for comment.