Tiktok Fires Back at $300M Trump Coin Allegation: 'Irresponsible and False'
Terence Zimwara
Crypto News
Tiktok has denied allegations made by U.S. Rep. Brad Sherman that the company plans to purchase TRUMP memecoins worth $300 million.
Tiktok: Sherman Allegations ‘Patently False’
Video-sharing social media platform Tiktok has denied claims it recently purchased or plans to acquire TRUMP memecoins worth millions of dollars. The Singapore-based company slammed U.S. Rep. Brad Sherman for making the “patently false and irresponsible” allegations that it announced plans to acquire TRUMP tokens worth $300 million.
In a social media post replying to Sherman, Tiktok suggested the U.S. lawmaker’s claims were not reflective of a letter he signed in May. In that May letter, co-signed with fellow Democratic Party lawmakers, Sherman had urged the Trump administration to follow the law with respect to Tiktok. The letter also reiterated concerns about the social media platform’s alleged Chinese ownership.
At the crux of the lawmakers’ angst were fears the Trump administration would extend the deadline for Tiktok to find a U.S. buyer by another 90 days, a move they deemed illegal. However, the U.S. President announced June 19 that he had proceeded to extend the deadline to Sept. 17, much to Sherman’s chagrin.
Responding to Trump’s announcement, Sherman reiterated that the administration’s failure to uphold the law makes his extension illegal.
“The law allows only one single extension, so Trump’s failure to enforce it is illegal. However, the Chinese owners of TikTok have announced they are buying ‘Trump Coins’ for $300 million. Trump creates ‘Trump Coins’ at no cost, meaning this is just a $300 million bribe that goes right into his pocket,” Sherman wrote on X.
Launched merely hours before Trump’s inauguration on Jan. 20, the memecoin experienced an immediate and explosive surge in value, rocketing to an all-time high of $73.43 a mere 48 hours later. However, the initial euphoria was short-lived; since that peak, the memecoin’s value has undergone a sustained and significant decline.
Critics of the U.S. President have leveled serious accusations against Trump, alleging that he has not only leveraged the memecoin for personal financial gain but has also improperly utilized government resources to artificially inflate its value and sustain its market presence.
Tiktok Fires Back at $300M Trump Coin Allegation: 'Irresponsible and False'
Meanwhile, the executive order signed by Trump states that the Department of Justice (DOJ) is precluded from taking action to enforce the Protecting Americans From Foreign Adversary Controlled Applications Act. Extension of the deadline also means the DOJ cannot impose penalties on Tiktok.
The executive order also warns states or private parties against attempting to take enforcement action, as doing so would be tantamount to encroaching on the powers of the executive.
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