TikTok Denies Trump Coin Allegations as Trump Nets $58M From Crypto in 2024

TikTok has pushed back against claims that its parent company is investing in the Trump (TRUMP) meme coin. The social media platform called the accusations “patently false and irresponsible” in a post made from its official policy account on Thursday.

The post was a direct response to statements made by Congressman Brad Sherman, a Democrat from California, who alleged that ByteDance, TikTok’s parent company, planned to purchase $300 million worth of TRUMP tokens.

TikTok countered the claim by pointing out that Sherman had misrepresented a letter he himself signed just a month ago.

What Sparked the Controversy?

The allegations emerged shortly after former President Donald Trump signed an executive order granting TikTok a 90-day extension to find a U.S. buyer. This is now the third delay amid ongoing national security concerns surrounding the app’s Chinese ownership.

Sherman, who has a history of opposing both cryptocurrencies and TikTok, referenced a Nasdaq-listed company called GD Culture Group, which creates AI content for TikTok. In May, GD Culture announced plans to invest $300 million in Bitcoin and the Trump meme coin, though there is no formal connection between GD Culture and ByteDance.

Sherman suggested this investment was a “$300 million bribe” to Trump, sparking swift backlash online. Critics pointed out that meme coins aren’t created for free and that his statements lacked both legal and economic clarity.

Trump’s Crypto Gains and Growing Influence

While Sherman targeted the Trump Coin, Trump himself continues to lean into the crypto space.

According to 2024 financial disclosures, the former president earned $58 million from crypto ventures, mainly through sales of WLFI tokens. That income ranks just behind his hospitality earnings and is expected to surge even further in 2025, with a $390 million token sale and additional profits from his TRUMP meme coin, launched in January.

Trump is also reportedly involved in Bitcoin mining, tokenized assets, and digital ETFs. Some critics are raising alarms over potential conflicts of interest, especially as policy decisions made during his administration may have indirectly benefited his businesses.

Most notably, the SEC recently approved a registration statement for Trump Media and Technology Group’s $2.3 billion Bitcoin treasury initiative. The June 13 filing includes 85 million shares, with 29 million linked to convertible notes.

Final Thoughts

The Trump Coin controversy blends politics, crypto, and regulatory tension. As Trump gains momentum in the digital asset space—and with platforms like TikTok caught in the crossfire—the debate over crypto’s role in politics and national security continues to heat up.

Whether TikTok’s denial will end the speculation remains to be seen, but one thing is clear: crypto is no longer just a financial trend, it’s a political flashpoint.