- TikTok refutes claims it purchased TRUMP memecoins for $300M
- Sherman claims Trump violated law with third TikTok delay
- GD Culture’s memecoin plans spark speculation to bribery claims
TikTok has denied claims that it purchased TRUMP memecoins in response to bribery accusations from U.S. Representative Brad Sherman. The claims emerged after President Trump signed another 90-day extension to delay a potential TikTok ban. This is the third delay despite legal limitations on such executive extensions.
Sherman Accuses Tiktok on $300M TRUMP deal
The scandal started after Sherman accused TikTok’s Chinese owners of spending $300 million on TRUMP memecoins to influence policy. He further claimed that Trump had created the coins at no cost, which implies direct personal profit. However, the firm responded and denied connection to the alleged transaction.
Sherman’s allegations seem to be related to a separate firm, GD Culture Group, which produces AI-generated content on the firm. Although this company has a Chinese subsidiary, it has not confirmed ownership links to TikTok or its parent company, ByteDance. Moreover, GD Culture had previously announced plans to invest $300 million in TRUMP memecoins and Bitcoin.
TikTok stated that Sherman’s comments were deceptive and did not have any factual basis and distanced itself from the transaction. The company stressed that its owners were not involved in the purchase of any meme coins linked to Trump. This response followed increased political pressure over Trump’s continued delays to enforce the TikTok divestment law.
Sherman claims Trump violated federal law in 3rd Extension
The law issued a deadline for ByteDance to sell U.S. TikTok operations or be banned in U.S. In January, Trump provided a 75-day extension, and in March a 75-day delay. The latest executive order is the third 90-day extension that has caused legal concerns from Sherman and other lawmakers.
According to U.S. law, the president is permitted to issue only one extension of up to 90 days. Sherman argued that Trump’s latest order exceeds that legal limit and potentially violates federal procedure. The bribery accusation is caused by the belief that the memecoin transaction influenced Trump’s decision to delay enforcement.
Trump’s Pro-Crypto Stance Rattles Anti-Crypto Lawmakers
TikTok’s denial has not appeased all the critics since some online commentators questioned the authenticity of the company’s statement. On the other hand, industry observers believes Sherman’s claims are unfounded and politically motivated. The unconfirmed ties between GD Culture and ByteDance makes the bribery claims weaker.
Sherman is an outspoken opponent of crypto, having advocated an outright ban on cryptocurrencies in 2019. His resistance is mainly based on the fears that the use of digital assets could diminish the U.S. dollar dominance. However, Trump and his administration continues to promote dollar-backed stablecoins as strategic financial instruments.
TRUMP meme coin has been actively advertised on the Internet by pro-Trump groups but is not formally associated with any government program. According to cryptocurrency analysts, it may be cheap to create tokens but mass adoption and liquidity needs a lot of investment.
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