According to TikTok’s Policy account on X, claims that its Chinese owners are snapping up $300 million worth of the Official Trump (TRUMP) memecoin are flat-out wrong.
Many people wondered if TikTok’s political sway was part of the hold‑up. Some viewed Sherman’s timing as no accident—he spoke out just after the third delay was announced.
Based on reports of an SEC filing, GD Culture Group—a tiny, Nasdaq‑listed firm with no known ties to ByteDance—said it would buy as much as $300 million in Trump memecoin and Bitcoin.
Sherman has long argued for a blanket ban on crypto.
Back in 2019, he warned that cryptocurrencies could displace the US dollar. His latest comments mix his worry about TikTok’s Chinese ownership with his deep distrust of the crypto world.
Some online users doubted TikTok’s denial, wondering if China’s influence was deeper than we know. Others piled on Sherman, criticizing his anti‑crypto stance and even his call to ban TikTok.
“No one wants TikTok banned, except the Israeli lobby, aka your puppet masters,” one commentator wrote, adding fuel to the fire.
In less than a week, a single SEC form and a congressional tweet turned into a full‑blown spectacle:
On one side, we have a social platform fighting to stay in the US market.
On the other, a lawmaker warning about foreign influence and digital money.
Featured image from Unsplash, chart from TradingView
