TikTok Fires Back: No TRUMP Coin Buys, Despite Congressman’s Claims

Source Bitcoinist

According to TikTok’s Policy account on X, claims that its Chinese owners are snapping up $300 million worth of the Official Trump (TRUMP) memecoin are flat-out wrong.

The post called the idea “patently false and irresponsible.” It even pointed out that the claim didn’t match a letter Rep. Brad Sherman signed last month.

Exec Order Delay Raises Eyebrows

US President Donald Trump signed his third executive order this spring, pushing back a ban or forced sale of TikTok by another 90 days. That move gave TikTok roughly three more months to find a buyer or face an outright ban in the US.

Many people wondered if TikTok’s political sway was part of the hold‑up. Some viewed Sherman’s timing as no accident—he spoke out just after the third delay was announced.

GD Culture Group Connection Sparks Doubts

Based on reports of an SEC filing, GD Culture Group—a tiny, Nasdaq‑listed firm with no known ties to ByteDance—said it would buy as much as $300 million in Trump memecoin and Bitcoin.

GD Culture creates AI‑driven videos for TikTok, but it isn’t owned by ByteDance and has no board members in common. That mix‑and‑match link set off a wave of confusion, leading some to assume TikTok itself was funding the memecoin purchase.

Sherman’s Crypto Critique

According to Sherman, “Trump creates ‘Trump Coins’ at no cost, meaning this is just a $300 million bribe that goes right into his pocket.”

Sherman has long argued for a blanket ban on crypto.

Back in 2019, he warned that cryptocurrencies could displace the US dollar. His latest comments mix his worry about TikTok’s Chinese ownership with his deep distrust of the crypto world.

Online Reaction Divides Audience

Some online users doubted TikTok’s denial, wondering if China’s influence was deeper than we know. Others piled on Sherman, criticizing his anti‑crypto stance and even his call to ban TikTok.

“No one wants TikTok banned, except the Israeli lobby, aka your puppet masters,” one commentator wrote, adding fuel to the fire.

Politics, Crypto And Social Media Entangle

In less than a week, a single SEC form and a congressional tweet turned into a full‑blown spectacle:

On one side, we have a social platform fighting to stay in the US market.

On the other, a lawmaker warning about foreign influence and digital money.

Featured image from Unsplash, chart from TradingView

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Bitcoin volatility drops to third-lowest level since 2012 amid rise in BTC treasury companiesBitcoin (BTC) trades above $108,000 on Tuesday following a steady decline in its volatility in the first half of the year, marking the third-lowest H1 volatility since 2012.
Author  FXStreet
Yesterday 02: 11
Bitcoin (BTC) trades above $108,000 on Tuesday following a steady decline in its volatility in the first half of the year, marking the third-lowest H1 volatility since 2012.
placeholder
AUD/NZD inches higher to near 1.0900 as RBNZ maintains Official Cash Rate at 3.25%AUD/NZD holds ground after the Reserve Bank of New Zealand (RBNZ) decided to stand pat on the policy rate after six consecutive cuts, trading around 1.0890 during the Asian hours on Wednesday.
Author  FXStreet
Yesterday 03: 03
AUD/NZD holds ground after the Reserve Bank of New Zealand (RBNZ) decided to stand pat on the policy rate after six consecutive cuts, trading around 1.0890 during the Asian hours on Wednesday.
placeholder
Ethereum Price Turns Positive — More Upside Likely if Momentum HoldsETH is now consolidating gains and might aim for a fresh move above $2,620.
Author  NewsBTC
Yesterday 03: 26
ETH is now consolidating gains and might aim for a fresh move above $2,620.
placeholder
Gold price slides further below $3,300, over one-week low amid a firmer USDGold price (XAU/USD) trades with a negative bias below the $3,300 mark during the Asian session on Wednesday and drops to a one-and-a-half-week low in the last week.
Author  FXStreet
Yesterday 05: 42
Gold price (XAU/USD) trades with a negative bias below the $3,300 mark during the Asian session on Wednesday and drops to a one-and-a-half-week low in the last week.
placeholder
Bitcoin Hits New All-Time High at $112,000 – What’s Next?Bitcoin surged to a new all-time high of $112,000 on Tuesday, gaining nearly 3% on the day amid renewed optimism over monetary easing.
Author  Beincrypto
6 hours ago
Bitcoin surged to a new all-time high of $112,000 on Tuesday, gaining nearly 3% on the day amid renewed optimism over monetary easing.
goTop
quote