The social media platform TikTok has denied any investment in Trump Meme Coin, which Congressman Brad Sherman claimed earlier today. This denial from TikTok has sparked a controversy on X, with many linking "Trump Coins," a cryptocurrency related to President Donald Trump, to political issues and raising serious concerns about its legality.
Posted on June 19, TikTok's official policy account TikTok Policy labeled this complaint as "completely false and irresponsible," pointing out a letter that Sherman signed last month contradicting his own statement.
The post shares: "Congressman, claiming that TikTok's owners are buying 'Trump Coin' is completely false and irresponsible, and does not even accurately reflect the letter he signed last month."
This accusation stems from Sherman's earlier post on X, in which he alleged that this purchase was a bribe related to Trump's recent executive order extending the 90-day deadline (until September 17, 2025) for TikTok to potentially be banned or sold in the United States. This order, announced by Trump on June 19, aims to address national security concerns regarding ByteDance, TikTok's parent company.
However, this recent revelation has raised doubts about Sherman's story, as TikTok denies such investments, consistent with the 2025 Wikipedia entry confirming that no such transactions took place.
The dispute occurs against the backdrop of escalating US-China tensions and the broader debate over TikTok's data practices. Recent reports have highlighted 60% of ByteDance's non-Chinese ownership and found no evidence of data misuse; however, the platform is facing intense scrutiny in the United States.
Furthermore, Trump's involvement in cryptocurrency, including the memecoin 'Trump Coin,' has also faced criticism from ethics experts, who argue that it could generate billions of dollars illegally for the president.