TikTok has publicly pushed again in opposition to claims that its Chinese language house owners are shopping for “Trump Cash,” the official meme coin linked to President Donald Trump.
Key Takeaways:
- TikTok has denied accusations that its house owners are shopping for Trump’s official meme coin.
- Consultant Brad Sherman claimed a $300M Trump Coin buy tied to TikTok, citing GD Tradition Group.
- Critics questioned each Sherman’s crypto claims and the logic behind the alleged meme coin funding..
The social media platform’s official coverage account addressed the controversy on Thursday by way of a put up on X, calling the accusations “patently false and irresponsible.”
The remarks got here in response to statements by California Democrat Brad Sherman, who alleged that TikTok’s mother or father firm had plans to buy $300 million value of the Trump (TRUMP) meme coin.
“Congressman, claiming that the house owners of TikTok are shopping for ‘Trump Cash’ doesn’t even precisely mirror a letter you signed final month,” the platform responded, highlighting inconsistencies in Sherman’s feedback.
Trump Grants TikTok Third Extension Amid Rising Political Tensions
The allegations emerged shortly after Trump signed an govt order granting TikTok a 90-day extension to discover a U.S. purchaser, marking the third such delay within the ongoing standoff over nationwide safety considerations tied to the app’s Chinese language possession.
Sherman, a vocal critic of each TikTok and cryptocurrencies, cited experiences involving GD Tradition Group, a Nasdaq-listed agency that produces AI-driven content material on TikTok.
The corporate reportedly introduced plans in Could to take a position $300 million into each TRUMP and Bitcoin. Regardless of its presence on the platform, GD Tradition has no formal ties to TikTok or its mother or father firm ByteDance.
Sherman characterised the meme coin funding as a “$300 million bribe” to Trump, asserting that the coin was created “without charge.”
Critics swiftly challenged each the authorized basis of his TikTok-related claims and the financial logic behind the meme coin remarks.
Congressman, claiming that the house owners of TikTok are shopping for "Trump Cash" is patently false and irresponsible and doesn’t even precisely mirror a letter you signed final month. https://t.co/8uxxPrKlzP
— TikTok Coverage (@TikTokPolicy) June 19, 2025
The backlash on-line was swift. Some customers questioned Sherman’s credibility and accused him of pushing political narratives.
Others forged doubt on the feasibility of making a cryptocurrency with out incurring improvement or liquidity prices.
Sherman has lengthy campaigned in opposition to the crypto sector, having beforehand referred to as for a complete ban on digital property.
In distinction, Trump and his allies have not too long ago embraced crypto, advocating for stablecoins as instruments to strengthen the U.S. greenback’s international place.
Trump Continues to Capitalize on Crypto Market Momentum
In the meantime, Donald Trump continues to capitalize on crypto market momentum.
In line with monetary disclosures launched final Friday, the previous president pulled in $58 million from crypto ventures in 2024, primarily by way of WLFI token gross sales.
That whole trailed solely his hospitality earnings and is predicted to climb additional in 2025 with an anticipated $390 million token sale and good points from his meme coin, launched in January.
His involvement in Bitcoin mining, tokenized property, and digital ETFs is elevating considerations about potential conflicts of curiosity.
Critics have identified that a few of his companies have seen tailwinds from favorable coverage choices throughout his time in workplace.
As reported, the SEC has accepted Trump Media and Know-how Group’s (TMTG) registration assertion tied to a $2.3 billion Bitcoin treasury initiative.
The June 13 submitting covers 85 million shares, together with 29 million linked to convertible notes.
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