President Trump was sued by nonprofit news groups today over Truth Social's "Truth API" that sells real-time access to posts from Trump and other top users of the social network. Trump is profiting from selling preferential access to government information, the lawsuit said.

Trump's social media company this month started charging customers up to $100,000 per month for the earliest access to posts that can have immediate impacts on financial markets. The first customers are mostly high-frequency trading firms that could benefit financially from getting official government news milliseconds before others.

"This scheme is profoundly corrupt. The President stands to gain financially by giving 'market-moving' government information to those who are willing and able to pay his personal company," the lawsuit said.

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The Trump administration is trying to stop New York from enforcing its gambling laws against Kalshi, and yesterday said it ordered the prediction market to continue operating in the state.

The Commodity Futures Trading Commission (CFTC) announced that it exercised its emergency authority in response to a "market emergency." The CFTC said it acted "to ensure market stability" and "ordered the exchange to continue to operate in accordance with the Commodity Exchange Act’s Core Principles." The Trump administration took the action after a request from Kalshi.

The market emergency alleged by the CFTC is that New York Attorney General Letitia James sued Kalshi on July 31. James' lawsuit seeks a court order to permanently enjoin Kalshi "from operating an unlawful gambling business" in the state. The lawsuit also demands that Kalshi "make full restitution to customers who have engaged in betting" and pay financial penalties.

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