The social media platform TikTok has denied allegations that it purchased the official meme coin of U.S. President Donald Trump.
TikTok's official policy account responded on Thursday on the X platform to accusations from California Democratic Congressman Brad Sherman, denying claims that its owner purchased the official Trump (TRUMP) meme coin.
Sherman had previously claimed, "The owner of TikTok announced they would purchase 'Trump Coin' for $300 million."
"Mr. Congressman, the claim that TikTok's owner is buying 'Trump Coin' is completely false and irresponsible, and even contradicts the content of a letter you signed last month," TikTok Policy stated in response to these allegations.
Sherman's remarks came as news broke that Trump signed another executive order delaying the TikTok ban or sale.
According to online reports, this latest delay marks the third postponement, giving TikTok an additional 90 days to find a buyer, or it will be banned in the U.S.
Sherman emphasized that U.S. law only allows for one extension, and he believes Trump's failure to enforce the TikTok ban is illegal.
Sherman's accusations apparently referenced reports about TikTok-related company GD Culture Group announcing plans in May to purchase $300 million worth of Trump meme coins and Bitcoin (BTC).
While GD Culture Group has no known formal ties to TikTok or its parent company ByteDance, this Nasdaq-listed company uses TikTok as one of its main operating platforms to produce AI-enhanced content.
"Trump created 'Trump Coin' at zero cost, which means this is just a $300 million bribe going directly into his pocket," Sherman alleged.
Some online commentators expressed skepticism about TikTok's denial, but many countered Sherman's accusations, calling them untrustworthy.
Others questioned whether it is possible to create a cryptocurrency at zero cost.
"Aside from the Israeli lobby, which is your behind-the-scenes manipulator, no one wants TikTok to be banned. Why not conduct a poll to ask your constituents if they want TikTok banned?" another commentator stated.
In addition to criticizing Trump's TikTok policy, Sherman has long been known for his anti-cryptocurrency stance, having called for a complete ban on cryptocurrencies in 2019.
Sherman's hostile position on cryptocurrencies mainly revolves around the potential for cryptocurrencies to replace the dollar.
However, the Trump administration took a completely opposite stance on cryptocurrency issues, promising to promote stablecoins pegged to the dollar as part of the U.S. strategy to strengthen dollar sovereignty.
Related: Politicians' meme coins, dismissed lawsuits fuel cryptocurrency "crime supercycle"
Original: “TikTok responds to congressman’s allegations, denies purchasing Trump meme coin”
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