TikTok has denied claims that its owners are buying a
cryptocurrency linked to former US President Donald Trump. The denial came from
the official TikTok Policy account in response to statements by
Representative Brad Sherman.
Sherman, a Democrat from California, said the “Chinese
owners of TikTok have announced they are buying ‘Trump Coins’ for $300
million.” TikTok called the statement false and misleading.
“Congressman, claiming that the owners of TikTok are buying
‘Trump Coins’ is patently false and irresponsible and doesn’t even accurately
reflect a letter you signed last month,” the platform responded on X.
Trump Delays TikTok Ban Again
The allegations came as the Trump administration delayed
enforcement of a ban or forced sale of TikTok. It was the third such delay,
extending the deadline by another 90 days.
🚨 TikTok denies buying $300M of $TRUMP memecoin amid Congressman Brad Sherman’s accusations.TikTok Policy calls the claims “patently false” and “irresponsible.”Sherman says Trump accepted a bribe; TikTok and others push back. pic.twitter.com/D2fKYEZy99
— CryptoPotato Official (@Crypto_Potato) June 20, 2025
Sherman said only one extension is allowed under US law and
called the latest order illegal. Sherman’s claims appeared to link TikTok to GD Culture
Group, a Nasdaq-listed company that produces AI-driven content on TikTok. In
May, GD Culture announced plans to invest $300 million in Trump memecoin and
Bitcoin. However, GD Culture is not formally affiliated with TikTok or its
parent company, ByteDance.
You may find it interesting at FinanceMagnates.com: Trump’s
Social Media Wants to Offer Dual Spot Bitcoin and Ether ETF, Taps Crypto.com
for Custody.
A Chinese company tied to the same people behind TikTok just secured funding to potentially buy up to $300M of $TRUMP coin.They haven’t bought yet… but the fact they even announced this should tell you everything.TRUMP coin is a global movement. pic.twitter.com/lNYymhQHWa
— Andrεω ☜ (@SWEATY333) May 14, 2025
TikTok Denies Crypto Purchase Allegations
Sherman described the Trump memecoin as a financial benefit
to the former president. “Trump creates ‘Trump Coins’ at no cost, meaning this
is just a $300 million bribe that goes right into his pocket,” he said.
TikTok’s denial was met with mixed reactions online. Some
users questioned the company’s statement, but others criticized Sherman’s
claims as unfounded.
Sherman has supported strict regulations on cryptocurrency.
In 2019, he called for a complete ban on crypto in the US. He has often cited
concerns about crypto weakening the US dollar.
This article was written by Tareq Sikder at www.financemagnates.com.
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