A group of U.S. senators on Friday urged the Securities and Exchange Commission (SEC) to investigate whether President Donald Trump or White House insiders violated securities laws ahead of his surprise reversal on global tariffs.
Led by Senator Elizabeth Warren, six Democrats raised concerns in a letter to the SEC, citing Trump’s early Wednesday post on his social media platform, Truth Social: “THIS IS A GREAT TIME TO BUY!!!” Hours later, Trump announced a 90-day suspension of new tariffs on dozens of countries — triggering a historic market rally and the strongest single-day gain for the S&P 500 since the 2008 financial crisis.
The senators questioned whether administration insiders or allies profited from advance knowledge of the tariff pause. They specifically asked the SEC to examine if Trump’s family or associates engaged in insider trading based on this information.
Trump signed the post with “DJT” — his initials and also the stock ticker of Trump Media & Technology Group, whose shares surged 21.67% that day.
The letter, co-signed by Senate Minority Leader Chuck Schumer, urged the SEC to investigate possible market manipulation or securities law violations by Trump, his donors, or other insiders. Though no evidence of wrongdoing has emerged, the senators voiced concerns over expanding avenues for Trump and his family to profit from the presidency.
The controversy follows a recent launch of a Trump-affiliated cryptocurrency “memecoin” just days before his inauguration, raising fears of foreign or anonymous influence.
“Now anyone in the world can essentially deposit money into the President’s account with a few clicks,” former aide Anthony Scaramucci posted on social media.
In response, the White House told The Washington Post that Trump’s post was meant to “reassure” the public and that he has a duty to instill confidence in markets and the economy.
