Is Trump Media’s Early-Access Feed Lawful?

Jack Goldsmith interviews John Coates, the John F. Cogan, Jr. Professor of Law and Economics at Harvard Law School and former general counsel of the Securities and Exchange Commission, about Trump Media’s sale of early access to the president’s Truth Social posts—up to $100,000 a month for a roughly 50-millisecond head start on market-moving announcements. They discuss how the arrangement differs from the low-latency data feeds Bloomberg and Dow Jones lawfully sell, how the STOCK Act applies the insider trading laws to the president by name, and who may bear legal risk: the subscribers, the president, or both. They also take up potential enforcement by a future administration, under New York’s Martin Act, or through private suits.

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