{"id":3796,"date":"2026-07-20T11:09:00","date_gmt":"2026-07-20T11:09:00","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=3796"},"modified":"2026-07-20T11:09:00","modified_gmt":"2026-07-20T11:09:00","slug":"milliseconds-matter-in-modern-markets-how-trumps-truth-api-and-less-frequent-sec-filings-could-create-a-two-tiered-market","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=3796","title":{"rendered":"\u2018Milliseconds matter in modern markets\u2019: How Trump\u2019s Truth API, and less frequent SEC filings, could create a \u2018two-tiered market\u2019"},"content":{"rendered":"<div>\n<p>President Donald Trump\u2019s media company announced on Thursday that it would sell millisecond-faster access to potentially market-moving Truth Social posts to investors. The product, Truth API, is arriving just as the SEC considers letting companies move from quarterly to semiannual disclosures, raising concerns that U.S. markets could become more dependent on private, paid information streams while offering ordinary investors fewer regular public filings.<\/p>\n<p>Read more <a href=\"https:\/\/crosscountrymovingteams.com\/?p=3794\">Top CD rates from major banks on July 20, 2026: Chase CDs, Bank of America CDs, Citibank CDs, and more<\/a><\/p>\n<p>\u201cMarkets already move on Truth Social posts,\u201d said Kevin McGurn, Interim Chief Executive Officer of Truth Social\u2019s parent company TMTG, in a .\u00a0<\/p>\n<div>\n<div>\n<div><\/div>\n<\/div>\n<\/div>\n<p>At risk here, three securities law experts told <em>Fortune, <\/em>is whether the key markers of a fair market, like transparent, timely, and comparable information, are being chipped away.\u00a0<\/p>\n<p>\u201cMilliseconds matter in modern markets, and the president\u2019s social media posts move markets,\u201d\u00a0 Tyler Gellasch, CEO of Healthy Markets Association and former SEC counsel, told <em>Fortune<\/em>. While the statement did not specifically mention whether the president\u2019s posts will be included, it did make reference to top social posts. With 12.9 million followers, the president is the most popular user of Truth Social. His sons, Donald Trump Jr. and Eric Trump, and the White House also have several million followers.<\/p>\n<p>Gellasch said this Truth API results in \u201ca two-tiered market where a handful of connected insiders will have the information\u201d and everyone else doesn\u2019t, undermining the core principle of U.S. markets to provide fair access to information.\u00a0<\/p>\n<p>\u201cWhen you have a market that looks like that, it looks rigged,\u201d Gellasch said.\u00a0<\/p>\n<div>\n<div><\/div>\n<\/div>\n<p>Ren\u00e9e Jones, the SEC\u2019s former director of corporation finance and a Boston College Law School professor, said the Truth API could be clashing with securities law, especially since Trump, as the publicly traded parent company\u2019s biggest shareholder, will be profiting from the platform.<\/p>\n<p>\u201cMaterial nonpublic information belongs to the U.S. government or to the American people, not to Truth Social or President Trump,\u201d Jones told <em>Fortune<\/em>.\u00a0<\/p>\n<div>\n<div>\n<div><\/div>\n<\/div>\n<\/div>\n<h2>of investing<\/h2>\n<p>Truth API is set to roll out on August 1, the statement read. This comes just as the SEC begins weighing the option of letting companies move to semiannual reporting instead of quarterly.<\/p>\n<div>\n<div><\/div>\n<\/div>\n<p>Chester Spatt, Carnegie Mellon professor and former chief economist at the SEC, drew the contrast between the two developments<em>.<\/em> Semiannual reporting, in his view, doesn\u2019t create real winners and losers among investors\u2014everyone still gets the same numbers, eventually. But Truth Social does.\u00a0<\/p>\n<p>Read more <a href=\"https:\/\/crosscountrymovingteams.com\/?p=3792\">Current price of Ethereum for July 20, 2026<\/a><\/p>\n<div>\n<div><\/div>\n<\/div>\n<div>\n<div><\/div>\n<\/div>\n<p>\u201cI\u2019m more worried about the asymmetry in the case of the Truth Social posts than I am about the semiannual reporting,\u201d he told <em>Fortune.<\/em><\/p>\n<p>Jones agreed, saying the disclosure system exists precisely to keep investors on equal footing, and that loosening it, even on a voluntary basis, threatens that. She likened the moment to Enron and WorldCom, when accounting scandals gutted stock prices and confidence in U.S. markets broadly.\u00a0<\/p>\n<p>\u201cIf investors think the system\u2019s rigged, they\u2019re less likely to invest in the securities markets,\u201d she said. \u201cIf investors lose confidence, in particular in the integrity of the U.S. markets, they might move their capital elsewhere.\u201d\u00a0<\/p>\n<p>Gellasch already sees that shift starting toward markets with more robust disclosure rules and potentially away from the U.S.<\/p>\n<div>\n<div>\n<div><\/div>\n<\/div>\n<\/div>\n<div>\n<div><\/div>\n<\/div>\n<p>\u201cI expect investors will slowly start to shift their focus to other markets, and particularly European markets,\u201d he said. Left unaddressed, he warned, \u201cit really does threaten the American competitive advantage in the capital market.\u201d\u00a0<\/p>\n<p>Spatt told <em>Fortune <\/em>that the issue of Truth API isn\u2019t that it\u2019s selling faster access to information (something he pointed out the Bloomberg Terminal already does), but it lies in who is capturing the profits, in this case being the Trump-owned media company.\u00a0<\/p>\n<p>With Truth Social, the president\u2019s decisions could be monetized through a platform he owns, blurring whether these communications are personal property, government property or a private asset leveraged for profit.\u00a0Truth Social\u2019s parent company has racked up losses over the years, most recently a $405.9 million net loss in the first quarter of 2026 alone.<\/p>\n<p>This isn\u2019t the first time experts raised issues with Trump monetizing his presidential office. His financial disclosures released earlier this month show he earned $2.2 billion in 2025, with more than half coming from crypto assets. Nor is it the first time he\u2019s made market-moving posts. He announced the \u201cLiberation Day\u201d tariffs on Truth Social, and has used the platform to promote and defend the tariff agenda.<\/p>\n<p>Read more <a href=\"https:\/\/crosscountrymovingteams.com\/?p=3790\">How Nestl\u00e9 turned a chocolate heist into a masterclass in brand building<\/a><\/p>\n<div>\n<div><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A paid feed for market-moving posts and an option to end quarterly reports could narrow who gets to know what and when in the world&#8217;s deepest market<\/p>\n","protected":false},"author":1,"featured_media":3795,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42],"tags":[],"class_list":["post-3796","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-donald-trump"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\u2018Milliseconds matter in modern markets\u2019: How Trump\u2019s Truth API, and less frequent SEC filings, could create a \u2018two-tiered market\u2019 - Cross Country Moving Team<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/crosscountrymovingteams.com\/?p=3796\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u2018Milliseconds matter in modern markets\u2019: How Trump\u2019s Truth API, and less frequent SEC filings, could create a \u2018two-tiered market\u2019 - Cross Country Moving Team\" \/>\n<meta property=\"og:description\" content=\"A paid feed for market-moving posts and an option to end quarterly reports could narrow who gets to know what and when in the world&#039;s deepest market\" \/>\n<meta property=\"og:url\" content=\"https:\/\/crosscountrymovingteams.com\/?p=3796\" \/>\n<meta property=\"og:site_name\" content=\"Cross Country Moving Team\" \/>\n<meta property=\"article:published_time\" content=\"2026-07-20T11:09:00+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=3796#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=3796\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/#\\\/schema\\\/person\\\/1b8121bfb9a1c55d1fff3fca675fceaa\"},\"headline\":\"\u2018Milliseconds matter in modern markets\u2019: How Trump\u2019s Truth API, and less frequent SEC filings, could create a \u2018two-tiered market\u2019\",\"datePublished\":\"2026-07-20T11:09:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=3796\"},\"wordCount\":791,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=3796#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/wp-content\\\/uploads\\\/2026\\\/07\\\/e6b1d603fee0721c589d943019bd8ec3.webp\",\"articleSection\":[\"Donald Trump\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=3796#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=3796\",\"url\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=3796\",\"name\":\"\u2018Milliseconds matter in modern markets\u2019: How Trump\u2019s Truth API, and less frequent SEC filings, could create a \u2018two-tiered market\u2019 - 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