Brad Sherman, a Bitcoin detractor, accused US President Donald Trump of accepting a $300 million bribe from TikTok.
However, TikTok denied any involvement in the matter. TikTok, a Chinese social media platform, has denied allegations that it has purchased the official meme coin of US President Donald Trump.
On Thursday, the official TikTok Policy account responded to accusations made by California Democratic Party Representative Brad Sherman by denying that its proprietors are purchasing the Official Trump (TRUMP) memecoin on X.
Sherman had asserted that the “Chinese owners of TikTok have announced they are purchasing ‘Trump Coins’ for $300 million.”
“Congressman, the assertion that the owners of TikTok are purchasing ‘Trump Coins’ is patently false and irresponsible. It does not accurately reflect a letter you signed last month,” TikTok Policy stated in response to the claim.
Confusion is sparked by a link to a company that is affiliated with TikTok
Sherman’s comments were made in the context of the recent announcement that Trump had signed an additional executive order to postpone the suspension or sale of TikTok.
According to online reports, the most recent delay was the third postponement, which provided TikTok an additional 90 days to secure a buyer or face being forbidden in the United States.
Sherman underscored that US laws permit only one extension, contending that Trump’s failure to enforce the TikTok prohibition is unlawful.
Sherman’s accusations appear to have been about reports regarding the GD Culture Group, which is affiliated with TikTok, proclaiming its intention to acquire $300 million in Bitcoin and Trump memecoin in May.
One of the primary operations of Nasdaq-listed GD Culture is the production of artificial intelligence-enhanced content on TikTok, even though the company has no known formal connections to TikTok or its parent firm, ByteDance.
Sherman claimed that Trump generates “Trump Coins” at no expense, which amounts to a $300 million gratuity benefiting him.
The Community Opposes Sherman
Sherman’s allegations were dismissed as untrustworthy by numerous online commentators, who were skeptical of TikTok’s denial.
Additionally, some harbored reservations regarding the feasibility of establishing a cryptocurrency without incurring any expenses.
“Except for the Israeli lobby, which is also known as your puppet masters, no one desires the banning of TikTok.” Another commentator suggested, “Why not conduct a poll to determine whether your constituents favor banning TikTok?”
Sherman has been recognized for his anti-crypto stances for a long time, in addition to his criticism of Trump’s TikTok policy. In 2019, he advocated for a complete prohibition of cryptocurrency.
Sherman’s anti-crypto stance is primarily motivated by the potential for cryptocurrencies to replace the US currency.
The Trump administration has adopted an opposing stance on cryptocurrency, committing to promoting US dollar-pegged stablecoins as part of its strategy to fortify the sovereignty of the US dollar.
