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From Musk to Truth Social: Critics say Biden's SEC targeted Trump's allies

Republicans have warned for years that the Biden-era Securities and Exchange Commission had been weaponized against Trump and his allies.

By Ashe Short

Published: July 10, 2026 11:29pm

On January 14, 2025, just six days before President Donald Trump was sworn in for his second, non-consecutive term, the Securities and Exchange Commission (SEC) filed a lawsuit against billionaire Elon Musk, who was entering the administration with Trump as head of the Department of Government Efficiency (DOGE).

The allegation? Musk violated securities laws when he purchased Twitter in 2022 because he allegedly filed paperwork about the purchase 11 days too late. The investigation into Musk’s purchase began almost as soon as he announced he was buying Twitter, now X, in 2022, which ended Democrats’ stranglehold on free speech on the platform. After the purchase, Musk’s other companies, SpaceX and Tesla, were also investigated by the Department of Justice and Federal Trade Commission. Musk himself warned this would happen after he announced he would no longer vote Democrat.

“Now, watch their dirty tricks campaign against me unfold,” he said in May 2022.

The SEC alleged that Musk failed to disclose his stake in Twitter when it surpassed 5% after he purchased stock in early 2022. He disclosed his stake once it reached 9% in April 2022, which the SEC argued allowed the billionaire to underpay for shares by $150 million. Musk eventually purchased Twitter for $44 billion and renamed it X.

Earlier this month, it was revealed that a federal judge approved a settlement between Musk and the SEC for $1.5 million, to be paid for by a trust attached to the X owner.

Truth Social: "This inexcusable obstruction"

Musk is not the only political figure to face an SEC investigation. Trump himself has faced the SEC recently – also under the Biden administration – when his Truth Social media platform began a merger with Digital World Acquisition Corp. (DWAC). When the merger was announced, the SEC began investigating, and a federal grand jury in New York issued subpoenas for DWAC’s board of directors, arguably causing the company’s stock price to drop. The merger was slow-walked, alleges Truth Social.

“The SEC has stalled its review of our planned merger with DWAC, having failed to act despite DWAC having filed its registration statement more than four months ago,” the company said in a statement in September 2022.

“This inexcusable obstruction, which directly contradicts the SEC’s stated mission, is damaging investors and many others who are simply following the rules and trying to expand a successful business. In light of the obvious conflicts of interest among SEC officials and clear indications of political bias, TMTG is now exploring legal action against the SEC. Despite the increasing weaponization and politicization of government agencies, Truth Social will continue its expansion plans, supported by the unprecedented levels of user engagement on the platform.”

Pattern of SEC hiring under former Clinton CFO raises questions

Republicans pointed to former SEC Chairman Gary Gensler’s hiring of former Democratic operatives to staff the agency, and his former work as CFO for Hillary Clinton’s 2016 campaign, where, according to congressional testimony, he had final approval authority for the campaign’s payments for the discredited Steele Dossier, as evidence the agency was biased against Republicans. Gensler is a former investment banker who served as the chair of the U.S. Securities and Exchange Commission from 2021 to 2025.

"You seem to have a very troubling pattern of hiring, at an impartial regulatory agency, a lot of people who seem to have a vendetta against the former president, and I fear, and I worry that that has implicated itself and affected the policy of the SEC," then-Sen. J.D. Vance told Gensler at a Senate hearing in 2023.

"You can make a pretty good argument that the SEC was using its enforcement powers to silence the chief political rival of the current president," Vance added. "It looks more and more like not an impartial regulatory body protecting investors and consumers but a regulatory body that is using its power to silence political rivals of the current President of the United States."

The merger was eventually cleared by the SEC in February 2024, after members of DWAC were charged with insider trading and the company was fined $18 million for allegedly misleading investors. A year later, Trump’s media company merged with a fusion energy company.

Pursuing Trump but harming investors

https://justthenews.com/government/federal-agencies/musk-truth-social-critics-say-sec-targeted-trumps-allies

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In 2023, Rep. Dan Meuser, R-Pa., warned on John Solomon Reports that the SEC would be the next agency to be weaponized by the Biden administration, following the Department of Justice. Meuser argued that while Trump may have been the target for the SEC’s investigation (during the merger of Truth Social), it was the investors who were actually harmed.

“They're not harming President Trump. President Trump is a very, very wealthy man. The value of Truth Social is not going anywhere, right?” Meuser said. “Only those […] individual investors could be harmed because of the SEC's treatment of this. And that's really awful.”

Laren Pisciotti, a single mom from New Jersey, says she has been unfairly targeted by the SEC after her name and the name of her venture capital firm, GlobalX VC LLC, were misused, forged, and weaponized by other people the SEC charged along with her for defrauding investors. Pisciotti told Just The News that the SEC knew she had been essentially the victim of identity theft before it charged her and her co-defendants, who have since settled.

She says the SEC’s investigation into her and her company ramped up after she hired Nicholas A. Gravante Jr., as her attorney. Gravante previously represented former Trump Organization CFO Allen Weisselberg, who pleaded guilty to tax fraud charges.

Pisciotti has been unsuccessful in her attempts to clear her name, and the records show she lost one of her attorneys due to an estimated $300,000 in unpaid legal fees. The SEC maintains that Pisciotti also controlled the Principal Pre-IPO Consulting Group LLC (Pisciotti disputes this). Principal is one of the co-defendants that settled in the case.

“They’re ignoring the facts. Ignoring all the forgeries, all the altered documents that I showed them, all the documents that affect investors,” Pisciotti told Just The News. “Pretty much, the SEC is aware of a crime, and they’ve done nothing about it.”

In response to a Just The News inquiry about the aforementioned cases, an SEC spokesperson said, “We decline comment.”

More than political targeting alleged

The SEC has not been accused of only political targeting. In 2024, SEC member Hester Peirce wrote a dissent against the agency’s refusal to drop its 52-year practice of attaching gag orders to settlements. Peirce alleged the gag orders "sidestep[ped] First Amendment concerns" and ignored its "superior bargaining power."

"Why should the public put much weight on allegations so flimsy that they need the protection of a contractual obligation not to deny them?" Peirce wrote in her dissent. Then-SEC Chairman Gensler responded to Peirce’s dissent by saying that changing the rule would "alter the impact of enforcement settlements if defendants could deny any wrongdoing in the court of public opinion and dismiss sanctions as the cost of doing business without the Commission being able to revive its ability to have its day in court.”

Musk dealt with this rule after the SEC tried to enforce a “pre-approval” settlement condition against one of his tweets. Musk requested the U.S. Supreme Court look at his lawsuit against the SEC, saying the settlement conditions violates the “unconstitutional conditions doctrine.”

Musk argued that the SEC claims the doctrine is “inapplicable” to its settlements, which Musk says would require "a waiver of any constitutional right—e.g., to criticize the government, to practice a religion, or to obtain a jury trial in any future action—without any judicial scrutiny."

https://justthenews.com/government/federal-agencies/musk-truth-social-critics-say-sec-targeted-trumps-allies

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Jackson Hole Economic Symposium 2026

The Federal Reserve Bank of Kansas City will host the 2026 Jackson Hole Economic Policy Symposiumfrom Thursday,August 27 to Saturday, August 29, at the Jackson Lake Lodge in Jackson Hole, Wyoming. The symposium’s theme this year is “Financial Innovation: Implications for Payments and Policy,” focusing on how rapid developments in digital payments, central bank digital currencies, and financial technology are reshaping monetary transmission and regulatory frameworks. Approximately 120 central bankers, policymakers, economists, and academics from more than 70 countries are expected to attend.

Thursday, August 27, 2026

Finance Calendar Editorial

At a Glance

Event: Jackson Hole Economic Policy Symposium 2026

Dates:August 27-29, 2026

Location:Jackson Lake Lodge, Jackson Hole, Wyoming

Host: Federal Reserve Bank of Kansas City

2026 Theme:Financial Innovation: Implications for Payments and Policy

Market Impact: High

What is the Jackson Hole Economic Symposium?

The Jackson Hole Economic Policy Symposium is an annual three-day conference organised by the Federal Reserve Bank of Kansas City, held each August in Jackson Hole, Wyoming. First convened in 1978, the symposium has grown into one of the most closely watched gatherings in global finance. Each year the Kansas City Fed selects a focused macroeconomic or policy theme, commissions research papers from leading economists and academics, and invites central bank governors, finance ministers, and market participants to present and debate findings.

Attendance is deliberately limited to around 120 participants, creating an environment where candid policy discussions are possible. Over more than four decades, more than 150 authors have presented papers on subjects ranging from inflation and labour markets to international trade and financial stability. The symposium is widely regarded as one of the most important annual forums for shaping central bank thinking globally, and its proceedings are scrutinised by traders, economists, and policymakers long after the event concludes.

The keynote speech by the Federal Reserve Chair, traditionally delivered on Friday morning, is the most market-sensitive moment of the symposium. Though the event covers academic research, it is the Chair’s prepared remarks and any follow-on question-and-answer session that markets focus on most intently. In recent years the speech has served as a vehicle for major policy signals, including commitments to aggressive tightening, transitions toward easing, and announcements of shifts in the Fed’s policy framework.

Jackson Hole Economic Symposium: 2026 Schedule

The 2026 symposium runs from Thursday, August 27 through Saturday, August 29 at Jackson Lake Lodge. The event follows the Kansas City Fed’s standard three-day format: Thursday afternoon and evening sessions cover opening remarks and the first research paper presentations; Friday carries the headline keynote address, usually delivered by the Fed Chair in the morning, followed by responses from international central bank governors and structured panel discussions; Saturday wraps up with additional papers and a press availability.

The 2026 theme, “Financial Innovation: Implications for Payments and Policy,” will likely draw significant participation from central banks actively exploring central bank digital currencies (CBDCs) as well as regulators overseeing stablecoin frameworks and tokenised asset markets. Papers are expected to examine how faster payment rails, programmable money, and digital asset infrastructure affect monetary transmission, financial stability, and the effectiveness of interest rate policy. The Bank for International Settlements, the European Central Bank, and several emerging market central banks have all published substantial research in this area over recent years, suggesting a rich pool of potential contributors.

The Kansas City Fed typically does not publish a full agenda or confirmed speaker list until shortly before the event. As of early June 2026, the speaker roster had not yet been announced publicly. Markets will watch closely for any confirmation that the Fed Chair will deliver the main keynote, as this is the moment most likely to move asset prices. History suggests the Chair speaks in Jackson Hole in the large majority of years.

https://www.financecalendar.com/event/jackson-hole-economic-symposium-2026/

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Why Jackson Hole Matters for Markets

The Jackson Hole symposium has a long record of generating sharp market moves. In August 2022, Fed Chair Jerome Powell delivered a deliberately brief speech warning that restoring price stability would “require maintaining a restrictive policy stance for some time” and that the process would “bring some pain to households and businesses.” Markets interpreted the remarks as a clear signal the Fed would press ahead with aggressive rate increases regardless of near-term economic softness. The Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite all fell more than 3% on the day.

In August 2023, Powell reinforced the “higher for longer” framework, noting that inflation remained too high and that the Fed stood ready to raise rates further if warranted. The hawkish tone disappointed investors who had hoped for more guidance on pausing the tightening cycle, contributing to a broad equity selloff and higher Treasury yields in the days that followed. The 2024 symposium, themed “Reassessing the Effectiveness and Transmission of Monetary Policy,” kept markets relatively calm by comparison, as Powell’s remarks were broadly in line with expectations.

The 2025 symposium delivered the sharpest positive reaction in recent memory. Powell’s August 22, 2025 speech acknowledged that labour market risks were rising and signalled that policy adjustments might be warranted, lifting the probability of a September 2025 rate cut from around 75% to nearly 90% in futures markets. The S&P 500 rose 1.5% on the day, the Dow Jones and Nasdaq each gained close to 2%, and the 2-year Treasury yield fell 10 basis points to 3.69%. These swings illustrate that a single Jackson Hole speech can be as consequential as a formal FOMC meeting outcome.

What to Watch For in 2026

The 2026 theme of financial innovation and payments policy is significant beyond the usual monetary policy commentary. Central banks worldwide are actively considering how to respond to the growth of digital asset markets, stablecoin adoption, and faster payment infrastructure. Symposium papers are likely to address the implications of these changes for monetary sovereignty, financial inclusion, and systemic risk. Any signals from policymakers on the regulatory direction for digital assets or CBDCs could move crypto markets and fintech sector valuations, in addition to the customary reactions in bonds and equities.

Beyond the academic agenda, markets will focus on any macroeconomic commentary from the Fed Chair. By late August 2026, the FOMC will have met in June and July, providing the Chair with substantial data on how the economy is tracking relative to the Fed’s projections. The US CPI Report for August 2026, released on August 12, will be a key input, giving the Chair the most recent inflation reading before taking the podium. If the economic backdrop has shifted materially from the Fed’s June projections, markets will listen carefully for any hint of a policy recalibration at the next FOMC meeting.

International central bank representatives are also worth monitoring. The ECB President, the Bank of England Governor, and the Bank of Japan Governor typically attend. Any divergent signals between the Fed and other major central banks on the pace of policy normalisation, or on the regulatory treatment of digital finance, can generate significant moves in currency markets and in cross-border capital flows. Given the track record of Jackson Hole speeches producing outsized reactions, many traders reduce net exposure ahead of the Friday morning keynote and reassess positions once Powell’s remarks are published.

Related Events

• FOMC Rate Decision September 2026 – The next scheduled FOMC meeting after Jackson Hole, on September 16, 2026, where any policy signals from the symposium may translate into a rate decision.

• US CPI Report August 2026 – Released on August 12, this inflation reading will be a critical input for Powell’s Jackson Hole remarks on price stability.

• ECB Rate Decision September 2026 – The ECB’s September 10, 2026 meeting follows Jackson Hole and may reflect any transatlantic policy signals from the symposium.

https://www.financecalendar.com/event/jackson-hole-economic-symposium-2026/

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Frequently Asked Questions

Who organises the Jackson Hole Economic Symposium?

The symposium is organised by the Federal Reserve Bank of Kansas City, one of the 12 regional Federal Reserve Banks in the United States. It has been held annually since 1978, almost always at Jackson Lake Lodge in Jackson Hole, Wyoming.

When does the Fed Chair typically speak at Jackson Hole 2026?

The Fed Chair’s keynote address is customarily delivered on Friday morning, the second day of the three-day symposium. At the 2026 event that falls on Friday, August 28. The Kansas City Fed does not publicly confirm the Chair’s participation until shortly before the event, though the Chair has spoken at nearly every recent symposium.

Why do financial markets react so sharply to Jackson Hole speeches?

The symposium falls between scheduled FOMC meetings, making the Fed Chair’s remarks one of the few opportunities for explicit policy guidance outside of formal press conferences. Because the speech is typically more candid in tone than meeting statements, it can shift interest rate expectations significantly. The August 2022 speech sent the S&P 500 down more than 3% intraday, while the 2025 speech generated a 2% rally in equities and a sharp fall in Treasury yields.

https://www.financecalendar.com/event/jackson-hole-economic-symposium-2026/

Donald J. Trump / @realDonaldTrump 07/11/2026 08:16:21

Truth Social: 116901293654083857

Wow! Palm Beach has always been a special place to me. So Beautiful!!! President DONALD J. TRUMP

https://truthsocial.com/@realDonaldTrump/posts/116901293654083857

Donald J. Trump / @realDonaldTrump 07/11/2026 08:17:13

Truth Social: 116901297125942108

Donald J. Trump / @realDonaldTrump 07/11/2026 08:16:21

ID:Not Available

Post : 116901293654083857

Wow! Palm Beach has always been a special place to me. So Beautiful!!! President DONALD J. TRUMP

https://truthsocial.com/@realDonaldTrump/posts/116901297125942108

>>24814003

>>24814012

dunno, but flapper seems off in comparison

John Solomon / @jsolomonreports 07/11/2026 08:25:45

Truth Social: 116901330651747658

Wisconsin Election Commission tells DOJ it’s not responsible for keeping noncitizens off voter rolls

https://justthenews.com/nation/states/center-square/wisconsin-elections-boss-promises-some-cooperation-trump-non-citizen

https://truthsocial.com/@jsolomonreports/posts/116901330651747658