According to foreign media, while the United States capital market has long emphasized that open information should be equally accessible to investors, Trump Media is facing a new controversy as it prepares to launch a pay high-speed interface, True API, and the United States Securities Commission (SEC) is considering a discussion to liberalize the frequency of regular disclosure.
Truth API is scheduled to go online in August.
According to Fortune, Trump Media last week indicated that it would sell to investors the interface service for faster access to True Social posts. The product, called Truth API, is scheduled to be launched on 1 August, with a master-size millisecond speed advantage.
The report mentions that, while the statement does not explicitly state whether it contains the Tromp himself, it refers to “hot social content”. Trump, one of the most concerned users on the South Social front, has spoken on several occasions in the past to trigger market fluctuations.
Disputes focused on differences in access to information
Many of the securities law experts interviewed argued that the problem was not only that information was transmitted more quickly, but that such content, which could potentially affect the market, was packaged as a fee-paying service, which could give a small number of paying users access to key information before ordinary investors.
The former SEC consultant and CEO of Health Markets Association, Tyler Gellasch, stated that in the current market environment, msisecond differences themselves could affect the outcome of the transaction. If the President's social media statements have market influence and the faster data channels are only open to some users, the market may be “stratification”.
Renée Jones, formerly head of the SEC Corporate Finance Department, also stated that one of the purposes of the securities disclosure system was to put investors at the same information starting point as possible. If the market is increasingly dependent on private, fee-paying information streams and public disclosure is reduced, the situation of ordinary investors may be weaker.
The SEC is discussing reducing regular disclosure.
At the other end of the dispute, SEC is considering whether to allow listed companies to change from quarterly to semi-annual disclosure. Citing the former CEO of SEC, Chester Spatt, the report states that the six-month disclosure itself does not directly create a hierarchy between different investors, as all end up with the same set of data.
However, in his view, the problem of Truth API was more direct than that of regular disclosure frequency adjustments, as it might commercialize differences in the speed of access to market-sensitive information.
Jones warned that if disclosure systems were relaxed, even voluntary arrangements could weaken investors ' confidence in the fairness of the United States market. She mentioned that major accounting scandals in history had hit stock prices and undermined market confidence.
The focus is on the stakes.
The report also notes that the controversy lies not only in the speed of technology but also in who benefits from it. According to Spatt, payment terminals and high-speed data services already exist in the market, the key difference being that the potential beneficiary was the media platform where Trump had control.
Fortune also mentioned that Trump had previously made several statements through True Social releases that would influence market expectations, including those related to tariff policies. If similar information reaches paying customers first through faster interfaces, external challenges to market equity may rise further.
Some interviewees argued that if investors continued to suspect that the information environment in the United States market was deteriorating, funds might gradually shift to other markets where disclosure systems were more stable.