Chinese social media platform TikTok has denied accusations that it purchased the official memecoin associated with U.S. President Donald Trump.
In a post on X Thursday, the official TikTok Policy account refuted claims that its parent company is buying the Trump (TRUMP) memecoin, responding directly to allegations made by California Democratic Representative Brad Sherman.
Sherman had previously asserted that “the Chinese owners of TikTok have announced they are buying ‘Trump Coins’ for $300 million.”
“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,” TikTok Policy said in response to the claims.
Connection to TikTok-Linked Firm Sparks Confusion
Sherman’s comments followed news that former President Trump had signed yet another executive order delaying the ban or forced sale of TikTok.
According to online reports, this marked the third such extension, granting TikTok an additional 90 days to secure a buyer or face a ban in the United States.
Sherman stressed that U.S. law permits only a single extension of the TikTok ban, arguing that Trump’s repeated delays are unlawful.
His accusations appeared to stem from reports in May that GD Culture Group—a company with links to TikTok—announced plans to invest $300 million in Trump memecoin and Bitcoin.
Although GD Culture has no formal affiliation with TikTok or its parent company ByteDance, the Nasdaq-listed firm focuses on producing AI-driven content for TikTok as a core part of its business.
“Trump is creating ‘Trump Coins’ at zero cost, so this amounts to a $300 million bribe going straight into his pocket,” Sherman claimed.
Community Pushes Back Against Sherman
While some online users questioned TikTok’s denial, many dismissed Representative Sherman’s allegations as unfounded and unreliable.
Several commentators also challenged the idea that a cryptocurrency could be created entirely free of cost.
“No one wants TikTok banned, except the Israeli lobby—your puppet masters. Why don’t you run a poll and ask your constituents if they support a ban on TikTok?” one user remarked.
Beyond his criticism of Trump’s TikTok policy, Sherman has long held a hardline anti-crypto stance. In 2019, he openly called for a complete ban on cryptocurrencies.
His opposition largely stems from concerns that digital assets could undermine the dominance of the U.S. dollar.
In contrast, the Trump administration has embraced a more crypto-friendly approach, voicing support for U.S. dollar-pegged stablecoins as a means to reinforce the dollar’s global influence.
