TikTok Denies Buying TRUMP Memecoin After U.S. Congressman’s Claim
TikTok, the popular social media app, has denied buying a cryptocurrency called “TRUMP Coin.” This comes after a U.S. Congressman accused TikTok’s Chinese owners of spending $300 million on the meme coin.
What Happened?
A U.S. politician, Brad Sherman, claimed TikTok’s owners were buying “Trump Coins” as a form of bribery.
TikTok quickly denied this, calling the claim “false and irresponsible.”
The company said Sherman’s accusation didn’t even match a letter he signed last month.
Why Is This Important Now?
This news comes just after President Trump extended TikTok’s deadline to sell its U.S. business or face a ban. The new deadline gives TikTok 95 more days to find a solution.
This is the third time the deadline has been pushed back.
Trump says he wants to keep TikTok available in the U.S. while a deal is worked out.
TikTok’s Response
TikTok thanked Trump for the extension, saying:
“We appreciate President Trump’s support. Over 170 million Americans and 7.5 million U.S. businesses rely on TikTok.”
The White House also said Trump doesn’t want TikTok to shut down, but wants to make sure Americans’ data is safe.
Sherman’s Argument Against TikTok
Sherman, the Congressman who made the claim, says:
U.S. law only allows one extension, Trump’s move is illegal.
He also referred to a report that a TikTok-linked company planned to buy $300 million in Trump Coin and Bitcoin.
Sherman called this a “$300 million bribe” going straight to Trump.
Sherman vs. Crypto
Sherman has always been against cryptocurrency. In 2019, he even wanted a total ban on crypto because he thinks it could weaken the U.S. dollar.
Meanwhile, the Trump administration supports U.S. dollar-backed stablecoins to keep the dollar strong.
Experts Doubt Sherman’s Claims
Many people questioned Sherman’s accusations, saying:
There’s no proof TikTok is buying Trump Coin.
Most Americans don’t want TikTok banned only a small group does.
Right now, TikTok is still running in the U.S. with a new deadline. The company denies any link to Trump Coin, and experts doubt Sherman’s claims. The bigger fight is over TikTok’s future in America will it be sold, banned, or saved?
