The debate over President Donald Trump’s meme coin in the US has now turned into an accusation of “bribery” linked to TikTok’s Chinese owners. Congressman Brad Sherman (D-CA-32) claimed that TikTok’s Chinese owners made a $300 million purchase from Trump’s “TRUMP” meme coin, which provided Trump with direct financial gain. According to Sherman, this was “a direct $300 million bribe given to Trump.”
However, TikTok responded strongly to these accusations. In a statement made on social media platform X (formerly Twitter), Sherman’s claims were described as “patently false and irresponsible.” The company also stated that even a letter Sherman signed last month was incorrectly referenced.
TikTok ban and extensions
At the center of this debate is the TikTok ban, which has been on the agenda for a long time in the US. TikTok, owned by China-based ByteDance, is a company that must be sold under US law. However, President Trump has postponed the ban on the platform for the second time this year for 90 days.
Brad Sherman argues that this second postponement is illegal. According to the current regulation, only one postponement can be made for a maximum of 90 days. Sherman claims that Trump's second postponement is due to "bribery" transactions made by TikTok's owners using the TRUMP coin.
GD Culture Group and questionable connections
Although Sherman's name is not directly mentioned in his accusation, the center of the discussions is a small tech company called GD Culture Group. According to the New York Times, this company, which has a subsidiary based in China, has only eight employees and did not report any income in 2024. However, Trump announced that he will invest $300 million in the TRUMP meme coin.
GD Culture Group opened an account on TikTok in August 2024 and began sharing AI-powered news content. However, the account currently has only 123 followers and its most popular video has only 533 views. The company's activities include content production, talent agency services, and social media marketing. Although it has no direct connection to ByteDance, it is clear that its activities are almost entirely based on TikTok.
Trump Coin debates deepen
The meme coin called TRUMP has sparked many debates in US politics since its launch in January 2025. Senator Elizabeth Warren and Representative Jake Auchincloss, known for their anti-crypto stance, have called for an investigation, stating that this coin could open the door to possible foreign interference and conflicts of interest.
At a private dinner held in April, 220 of the largest investors in the TRUMP coin were invited. A privileged "VIP reception" was also held for the first 25 investors at the event. This has sparked discussions about “buying access to the president through coins.” Some guests at the event expressed surprise at the scale of the protests, while others described the atmosphere as “full of unidentified and untrustworthy individuals.”
