Catenaa, Tuesday, June 24, 2025-TikTok has strongly denied accusations that its Chinese parent company purchased $300 million worth of Trump Coins, a meme cryptocurrency tied to President Donald Trump.
The rebuttal came after Rep. Brad Sherman, D-Calif., cited a report from GD Culture Group, a Nasdaq-listed firm, during a recent statement.
In a post Thursday from TikTok’s official policy account on X, the platform called Sherman’s allegations “patently false and irresponsible,” stating the congressman had mischaracterized a letter he signed just weeks earlier.
Sherman alleged that the Trump Coin investment could be construed effectively as “$300 million bribe”, though critics questioned both the legal rationale and financial feasibility behind the claim.
The controversy follows Trump’s decision to grant TikTok a third 90-day extension to secure a US-based buyer, amid ongoing national security concerns over ByteDance’s ownership.
While Sherman pointed to GD Culture Group’s announcement in May about its intent to invest in Trump Coin and Bitcoin, TikTok clarified that the company has no affiliation with its parent firm.
The accusations triggered backlash online, with users criticizing Sherman for spreading what many called political disinformation. The notion that a meme coin could be created without cost was also challenged.
Meanwhile, Trump’s financial disclosures show he earned $58 million from crypto ventures in 2024, a figure expected to rise in 2025. He remains active in Bitcoin mining, tokenized assets, and digital ETFs—raising fresh concerns over potential conflicts of interest tied to his policy influence.
TikTok maintains that it has no involvement with Trump Coins or related crypto activity.
