Congressman Brad Sherman (D-CA-32) has accused TikTok’s Chinese language homeowners of a “$300 million bribe” by means of purchases of U.S. President Donald Trump’s meme coin.
In a tweeted rebuttal, TikTok known as Sherman’s declare “patently false and irresponsible.”
Trump this week introduced a 90-day delay to the looming U.S. ban on TikTok.
Social media agency TikTok has pushed again towards a Congressman’s accusation that it had bought TRUMP meme cash so as to “bribe” the U.S. president.
“The Chinese language homeowners of TikTok have introduced they’re shopping for ‘Trump Cash’ for $300 million,” Congressman Brad Sherman (D-CA-32) tweeted Thursday, including that, “Trump creates ‘Trump Cash’ without charge, that means that is only a $300 million bribe that goes proper into his pocket.”
The social media agency tweeted a rebuttal stating that, “Congressman, claiming that the homeowners of TikTok are shopping for ‘Trump Cash’ is patently false and irresponsible and doesn’t even precisely mirror a letter you signed final month.”
TikTok didn’t instantly reply to Decrypt’s request for clarification on the aforementioned letter.
TikTok and Trump
This week, President Trump introduced on Reality Social that he has signed a 90-day extension for the looming U.S. TikTok ban. Nevertheless, Sherman highlighted that, “The regulation permits just one single extension, so Trump’s failure to implement it’s unlawful,” earlier than accusing the homeowners of the social media app of bribing the President by shopping for his official meme coin—which TikTok denies.
TikTok has been going through a attainable U.S. ban for greater than a yr now, following the passing of laws that required the Chinese language-based creators of the app, ByteDance, to promote their U.S. operations. In January 2025, TikTok went darkish for a day earlier than Trump signed an govt order to delay the ban for 75 days, which was then prolonged for an additional 75 days.
The regulation permits just one single extension, so Trump’s failure to implement it’s unlawful.
Nevertheless, the Chinese language homeowners of TikToK have introduced they’re shopping for “Trump Cash” for $300 million. Trump creates “Trump Cash” without charge, that means that is only a $300 million bribe that goes… https://t.co/kBzCMUcN7t
— Congressman Brad Sherman (@BradSherman) June 19, 2025
Trump’s most up-to-date extension could be the second. Nevertheless, the Supreme Court docket act that seeks to implement the TikTok ban states that the President can solely grant one extension of “not more than 90 days.” That’s why Congressman Sherman is asking foul play with regards to the obvious delay.
Sherman’s accusation seems to reference a small tech firm known as GD Tradition Group that, in response to The New York Instances, has a Chinese language subsidiary, solely eight staff, and generated no income within the yr earlier than it introduced a $300 million funding plan for the TRUMP meme coin.
Congressman, claiming that the homeowners of TikTok are shopping for “Trump Cash” is patently false and irresponsible and doesn’t even precisely mirror a letter you signed final month. https://t.co/8uxxPrKlzP
GD Tradition Group launched a TikTok account in August 2024, which makes use of synthetic intelligence to create information content material. On the time of writing, it has 123 followers and its hottest video has 533 views. The corporate additionally presents advertising, a expertise company enterprise, and different companies, all centered across the social media app.
Whereas the corporate clearly depends on TikTok and has a subsidiary primarily based in China, there isn’t a identified official connection between GD Tradition Group and ByteDance.
Because the submitting in Could, in response to TradingView, GD Tradition Group inventory has climbed 307% on the Nasdaq to a market capitalization of $46.86 million.
Earlier this month, Sherman signed a letter addressed to Trump urging the administration to ban each TikTok and the highly effective AI mannequin DeepSeek, citing their homeowners’ connections to the Chinese language authorities.
Meme cash and Trump
Sherman isn’t the one one involved that the TRUMP meme coin could possibly be a car for international actors to realize affect over the President.
Shortly after its January launch, crypto-skeptic Senator Elizabeth Warren (D-MA) and Consultant Jake Auchincloss (D-MA-4) known as for an investigation into the TRUMP meme coin, citing issues round conflicts of curiosity, international affect, and nationwide safety.
In April, a personal dinner was supplied to the highest 220 holders of the President’s official meme coin. The controversy round international affect was then reignited, as Trump was set to attend the occasion, and the highest 25 holders had been set to obtain a separate “ultra-exclusive personal VIP Reception.”
Senators Warren and Adam Schiff (D-CA) urged the Workplace of Authorities Ethics to research the occasion. Greater than 100 protestors gathered outdoors the occasion, calling for the top to “crypto corruption.”
One dinner attendee informed Decrypt that they had been shocked by how massive the protests had been. One other claimed that the dinner was stuffed with “sketchy, faceless folks,” including that he was upset by the shortage of one-to-one time with the President.
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