Republicans ask questions about SEC's investigation of Truth Social

 May 1, 2023

Former President Donald Trump's social media platform Truth Social claimed the Apple app store's number one spot last week. That news came even as Trump scored another win the nation's capital. 

According to Just the News, a number of Republican lawmakers are now asking whether the Securities and Exchange Commission (SEC) is targeting Truth Social for political reasons.

Questions about drawn-out investigation of merger

At issue is an investigation that the SEC has been conducting into a proposed merger between Truth Social's parent company, Trump Media and Technology Group, and a special purpose acquisition corporation known as Digital World Acquisition Corp. (DWAC).

While that merger could inject Truth Social with hundreds of millions of dollars in new capital, the SEC has been scrutinizing it for over a year.

Devin Nunes serves as Trump Media and Technology Group CEO, and he believes the delay is part of a deliberate attempt to financially choke off the company.

"You have three people that are clearly involved in this transaction, or non-transaction, trying to basically kill our ability to have access to the public markets," Nunes was quoted as telling Just the News last month.

Truth Social lawyer speaks

Scott Glabe is general counsel at Trump Media and Technology, and in February sent a letter to lawmakers expressing similar thoughts.

"America's cherished free speech tradition is under unprecedented attack by Big Tech companies working hand-in-glove with censorious government agencies, powerful media outlets and well-connected political operatives," Glabe wrote.

Those accusations are being taken seriously by Republican House Administration Committee Chairman Bryan Steil and he discussed them during a recent appearance on the "Just the News, Not Noise" television show.

"The SEC has just got to get answers to people," Steil insisted. "What they can't do is put people in a black box and not let them know what's going on."

Congressman says SEC is "focused on a woke political agenda"

He went on to suggest that instead of focusing on its mission of protecting investors from fraud and abuse, the SEC has instead veered into political territory.

This includes promoting environmental, social, governance (ESG) scores, something many conservatives say is an attempt to achieve ideological goals.

"This is the broader concern with the Securities and Exchange Commission — that they're focused on a woke political agenda rather than focused on their job," the Wisconsin congressmen continued.

"The SEC deserves to be at least able to tell people the answers and let them know where they're at in the process. Incredibly frustrating," he added.

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