Regulation Fair Disclosure (2000)
The Securities and Exchange Commission adopted Regulation Fair Disclosure after companies routinely tipped material earnings information to favored analysts and institutions before public release. The rule required that material information be disclosed to all investors at once.
Companies began controlling earnings calls and issuing press releases to avoid selective leaks; regulators fined violators.
Reg FD became a cornerstone of U.S. securities law, establishing that tiered access to material information is unlawful.
Truth API sells exactly what Reg FD banned for companies: earlier access to market-moving information. The parallel tests whether the same logic applies to a president's public posts.
