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TikTok has denied claims that its owners are buying President Donald Trump’s official memecoin, pushing back against allegations made by Rep. Brad Sherman (D-CA) earlier this week.
Sherman accused the Chinese-owned social media company of planning to spend $300 million on “Trump Coins,” saying the move amounted to a bribe to avoid a U.S. ban. TikTok called the accusation “patently false and irresponsible” in a post on X, noting that it didn’t even reflect a letter Sherman co-signed last month.
The controversy stems from confusion around GD Culture Group — a Nasdaq-listed firm that creates AI-driven content on TikTok and recently announced plans to buy $300 million worth of Trump memecoins and bitcoin. Despite the overlap in platforms, there’s no formal link between GD Culture and TikTok or its parent company ByteDance.
Sherman’s comments arrived as Trump signed yet another executive order delaying a potential TikTok ban in the U.S. — the third extension so far. The current reprieve gives the company another 90 days to find a buyer or face restrictions.
Sherman, a long-time crypto critic, argued that extending the deadline was illegal under U.S. law, which only allows one delay. He framed the alleged token purchase as a direct payoff: “Trump creates ‘Trump Coins’ at no cost — this is just a $300 million bribe that goes right into his pocket.”
The claim drew mixed reactions online. Some questioned TikTok’s denial, while others called out Sherman for exaggeration, pointing out that creating and launching a digital token isn’t free, especially at scale.
Sherman has previously called for an outright ban on cryptocurrencies, arguing they threaten U.S. financial stability. The Trump camp has taken a different tack, embracing crypto more openly in recent months, particularly stablecoins pegged to the U.S. dollar.
Meanwhile, Trump’s own crypto dealings have drawn fresh scrutiny, including a reported $57 million windfall from World Liberty Financial, the group behind his memecoin.
Speaking after a private dinner with Donald Trump, Tron founder Justin Sun shrugged off claims that the TRUMP memecoin amounts to a crypto bribe, calling the backlash “short-sighted” and accusing critics of missing the bigger picture.
Sun hailed Trump’s open embrace of digital assets as a much-needed jolt for U.S. crypto policy, contrasting it with what he described as the Biden-era clampdown that drove projects overseas.
A Trump-hosted dinner for major holders of his own TRUMP token, attended by crypto loyalists and met with protesters outside. But for Sun, who once represented Grenada at the WTO while dodging U.S. legal heat under the previous administration, it was a clear sign of how much the climate has changed.
Since Trump’s return to office, the Securities and Exchange Commission has hit pause on several cases, including a civil fraud lawsuit against Sun and Binance.
Sun’s alignment with Trump’s crypto efforts dates back to last year, when he reportedly scooped up as much as $75 million in World Liberty Financial tokens following the election.
