Social media firm TikTok has pushed back against a Congressman's accusation that it had purchased TRUMP meme coins in order to "bribe" the U.S. president.
“The Chinese owners of TikTok have announced they are buying ‘Trump Coins’ for $300 million,” Congressman Brad Sherman (D-CA-32) tweeted Thursday, adding that, “Trump creates ‘Trump Coins’ at no cost, meaning this is just a $300 million bribe that goes right into his pocket.”
The social media firm tweeted a rebuttal stating that, “Congressman, claiming that the owners of TikTok are buying ‘Trump Coins’ is patently false and irresponsible and doesn’t even accurately reflect a letter you signed last month.”
TikTok did not immediately respond to Decrypt’s request for clarification on the aforementioned letter.
TikTok and Trump
This week, President Trump announced on Truth Social that he has signed a 90-day extension for the looming U.S. TikTok ban. However, Sherman highlighted that, "The law allows only one single extension, so Trump’s failure to enforce it is illegal," before accusing the owners of the social media app of bribing the President by buying his official meme coin—which TikTok denies.
TikTok has been facing a possible U.S. ban for more than a year now, following the passing of legislation that required the Chinese-based creators of the app, ByteDance, to sell their U.S. operations. In January 2025, TikTok went dark for a day before Trump signed an executive order to delay the ban for 75 days, which was then extended for another 75 days.
Trump’s most recent extension would be the second. However, the Supreme Court act that seeks to enforce the TikTok ban states that the President can only grant one extension of “no more than 90 days.” That’s why Congressman Sherman is calling foul play when it comes to the apparent delay.
Sherman's accusation appears to reference a small tech company called GD Culture Group that, according to The New York Times, has a Chinese subsidiary, only eight employees, and generated no revenue in the year before it announced a $300 million investment plan for the TRUMP meme coin.
GD Culture Group launched a TikTok account in August 2024, which uses artificial intelligence to create news content. At the time of writing, it has 123 followers and its most popular video has 533 views. The company also offers marketing, a talent agency business, and other services, all centered around the social media app.
While the company clearly relies on TikTok and has a subsidiary based in China, there is no known official connection between GD Culture Group and ByteDance.
Since the filing in May, according to TradingView, GD Culture Group stock 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 both TikTok and the powerful AI model DeepSeek, citing their owners' connections to the Chinese government.
Meme coins and Trump
Sherman isn’t the only one concerned that the TRUMP meme coin could be a vehicle for foreign actors to gain influence over the President.
Shortly after its January launch, crypto-skeptic Senator Elizabeth Warren (D-MA) and Representative Jake Auchincloss (D-MA-4) called for an investigation into the TRUMP meme coin, citing concerns around conflicts of interest, foreign influence, and national security.
In April, a private dinner was offered to the top 220 holders of the President’s official meme coin. The debate around foreign influence was then reignited, as Trump was set to attend the event, and the top 25 holders were set to receive a separate “ultra-exclusive private VIP Reception.”
Senators Warren and Adam Schiff (D-CA) urged the Office of Government Ethics to investigate the event. More than a hundred protestors gathered outside the event, calling for the end to “crypto corruption.”
One dinner attendee told Decrypt that they were surprised by how big the protests were. Another claimed that the dinner was filled with “sketchy, faceless people,” adding that he was disappointed by the lack of one-to-one time with the President.
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