BlockBeats News, August 13th - According to sources familiar with the matter, the Truth API data service launched by a media company owned by Trump is facing resistance from some trading firms. While some trading institutions have already signed up to use the service, some firms, including Hudson River Trading and Castle Securities, have expressed reluctance to pay for the service, stating that it is not a necessary requirement for their trading operations. The sources requested anonymity due to involvement of confidential information.

Analysts point out that existing insider trading regulations do not explicitly cover a scenario where a former president uses his media platform to disseminate information that may impact the market or to sell access to such information to market participants seeking faster data.

Karen Woody, a professor at the Washington and Lee University School of Law, stated that the past regulatory framework did not anticipate such actions by a former president. Paul Atkins, the chairman of the U.S. Securities and Exchange Commission, previously mentioned in an interview that the SEC is monitoring the situation regarding Truth API data feed.