TikTok has rejected claims made by a US lawmaker that its Chinese owners are buying a meme coin tied to President Donald Trump.
On June 18, the official TikTok Policy account responded to a post on X by Representative Brad Sherman, who had said the company’s owners were planning to spend $300 million on the Official Trump (TRUMP) token.
TikTok wrote, “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”.
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The company dismissed the statement as incorrect and misleading.
Sherman’s accusation came as President Trump approved a new 90-day extension that delays a possible ban on TikTok in the US.
He argued that US law allows only one extension and stated that the continued delays are not legally valid. Additionally, Sherman said in the post, “Trump creates ‘Trump Coins’ at no cost, meaning this is just a $300 million bribe that goes right into his pocket”.
The $300 million figure seems to come from a separate company called GD Culture Group. In May, GD Culture said it planned to invest that amount into Bitcoin
$103,515.80
and the TRUMP token. However, the company does not have any confirmed business connection to TikTok or its parent company, ByteDance.
Meanwhile, House Speaker Mike Johnson recently commented on President Trump’s private dinner for TRUMP token holders. What did he say? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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