TikTok vs Congress: $300M Trump Coin Bribe Lie Exposed!
TikTok just blasted Congressman Brad Sherman for a "patently false and irresponsible" claim that its Chinese owners bought $300 million in TRUMP memecoins to bribe former President Donald Trump. The viral accusation, rocking Capitol Hill and crypto markets, misidentified a Nevada-based public company’s crypto investments as a shady deal to dodge TikTok’s U.S. ban deadline. Here’s how a crypto confusion sparked political fireworks.
Breaking Down the Drama
- Who: Rep. Brad Sherman (D-Calif.) vs. TikTok and GD Culture Group (NASDAQ: GDC).
- What: Sherman accused TikTok’s parent company, ByteDance, of buying TRUMP memecoins as a "bribe" for Trump. TikTok called it a lie.
- When: Sherman’s tweet dropped Thursday night (June 19, 2025); TikTok fired back early Friday.
- Where: U.S. Congress and X (formerly Twitter), with TRUMP coin trading globally.
- Why: Sherman claims Trump illegally extended TikTok’s divestment deadline (due Jan. 19, 2025) three times. The law allows only one 90-day extension.
- How: GD Culture Group—a small Nevada firm—announced plans to buy $300M in crypto, including TRUMP coins. Sherman wrongly tied it to ByteDance.
Key Quotes That Ignited the Feud
"Congressman, claiming that the owners of TikTok are buying 'Trump Coins' is patently false and irresponsible." — TikTok U.S. Policy Team
"Trump creates 'Trump Coins' at no cost, meaning this is just a $300 million bribe that goes right into his pocket." — Rep. Brad Sherman
What Sherman Got Wrong: The GD Culture Group Mix-Up
| Company | Role | Crypto Move | Stock Impact |
|---|---|---|---|
| GD Culture Group (GDC) | Nevada-based public company with Chinese subsidiary | Signed deal to buy $300M in Bitcoin and TRUMP memecoin | Shares up 30% since May announcement |
| ByteDance | TikTok’s parent company | No crypto purchases announced | Privately held |
Note: GDC uses TikTok’s platform for livestreams but has zero ownership ties to ByteDance.
Crypto Connection: Why Memecoins Are Political Dynamite
This clash isn’t just political—it’s a crypto wake-up call. TRUMP coin (ticker: TRUMP), like other "PolitiFi" memecoins, surged 900% in 2024 as Trump embraced crypto. Public companies like GDC betting on memecoins signal a risky new trend. When Sherman’s tweet dropped, TRUMP coin swung wildly, proving how political rumors can roil crypto markets overnight. With Trump’s pro-crypto stance, expect more headlines linking coins to DC drama.
FAQs: Quick Facts You Need
Did TikTok really buy $300M in Trump memecoins?
No. TikTok confirmed zero involvement. The buyer was GD Culture Group (GDC), a separate company.
Why would a company buy memecoins like TRUMP?
GDC’s $300M crypto treasury bet aims for high returns. Memecoins can spike on hype (e.g., TRUMP coin’s 900% rally), but they’re ultra-volatile.
Is Trump’s TikTok deadline extension legal?
Sherman insists the law permits only one 90-day extension. Trump issued three, pushing the deadline to September 2025.
How did crypto markets react?
TRUMP coin wobbled on the news. GDC stock jumped 30% since May—proof crypto-political news moves markets.
