Padilla Proposes Ban on Paid Early Access to Presidential Social Media

The legislation targets the Trump Media & Technology Group’s recent launch of a premium service providing subscribers expedited access to the president’s Truth Social updates. By prohibiting the sale of advance information by sitting executives or firms in which they hold substantial interests, the bill aims to curb potential insider-trading advantages for hedge funds and Wall Street entities. Violations would trigger new civil penalties for the distribution of nonpublic government information.

Padilla characterized the move as a brazen attempt to monetize the presidency, arguing that official policy and market-moving statements should not be gated behind subscription fees. The proposal follows a swift reaction from House Judiciary Committee Ranking Member Jamie Raskin, who has opened an investigation into the TMTG service, describing the arrangement as a clear insider-information scheme that undermines fair market participation.