💵 Background of the Controversy
TikTok has strongly denied allegations made by Congressman Brad Sherman, a California Democrat, accusing the social media platform of buying $300 million worth of US President Donald Trump's official memecoin.
Sherman claimed that the purchase was essentially a bribe to Trump.
🖍️ The Denial
TikTok's Policy account responded to Sherman's accusations, stating that the claims are "patently false and irresponsible".
The company emphasized that the allegations do not accurately reflect a letter signed by Sherman last month.
This denial comes amid Trump's executive order delaying the ban or sale of TikTok in the US, giving the platform another 90 days to find a buyer or face a ban.
😬 The Confusion
The allegations seem to stem from reports about GD Culture Group, a company that produces AI-enhanced content on TikTok, announcing plans to buy $300 million worth of Trump's memecoin and Bitcoin.
However, GD Culture Group has no known formal ties to TikTok or its parent company ByteDance.
🧐 Community Reaction
The crypto community has come out in support of TikTok, refuting Sherman's allegations as untrustworthy.
Many have expressed doubts about the legitimacy of the claims, questioning how a cryptocurrency can be created at no cost.
🧠 Sherman's Crypto Stance
Congressman Sherman has been a vocal critic of cryptocurrency, advocating for a blanket ban in 2019 due to concerns about digital currencies displacing the US dollar.
In contrast, the Trump administration has taken a more supportive stance on crypto, promoting US dollar-pegged stablecoins to strengthen the dollar's sovereignty.
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