The story involves a $300 million purchase of Trump’s official memecoin. But the Chinese tech giant was quick to push back on the claims.

TikTok: “False and Irresponsible Accusation”

Democratic Representative Brad Sherman accused the Chinese owners of TikTok of buying “Trump Coins” as a political bribe. However, TikTok’s official policy account on X sharply denied the claim, calling it false and misleading.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

“This is patently false and irresponsible, and doesn’t even reflect a letter you signed last month,” the company said in a public statement.

GD Culture Group Creates Confusion

Sherman’s claim may have stemmed from reports about Nasdaq-listed GD Culture Group announcing plans to purchase Trump memecoin and Bitcoin. While GD Culture produces AI-driven content on TikTok, it has no formal affiliation with TikTok or its parent company ByteDance.

Still, Sherman linked these announcements directly to TikTok, suggesting they represented a disguised financial favor to Trump. The lack of evidence for any such connection raised eyebrows across the political and crypto communities alike.

Community Pushback Against Sherman’s Claim

Sherman is known for his anti-crypto stance, previously calling for a blanket ban on digital assets. His recent comments were quickly dismissed by much of the online community, who questioned his grasp of crypto mechanics and motivations.

Some users criticized the accusation as politically charged misinformation, while others highlighted that cryptocurrencies cannot simply be created “at no cost.”

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post TikTok Denies $300M Trump Coin Bribe Allegation appeared first on Coin Engineer.

Stark: “Crypto Assets Are Still Securities”

Former SEC Internet Enforcement Director John Reed Stark opposed suggestions for regulatory reform. He argued that the Securities Acts of 1933 and 1934 shouldn’t be amended to accommodate digital assets, maintaining that crypto assets remain securities under current law.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

“People buying crypto are not collectors. They are investors, and the SEC’s mission is to protect investors,” Stark stated. He criticized crypto firms for using delay tactics and top legal representation, only to lose their cases.

“No Innovation in Crypto”

Stark also dismissed claims of innovation in the crypto space, arguing it doesn’t compare to major tech revolutions like the iPhone launch.

A Long-Time Crypto Critic

Stark has consistently criticized the cryptocurrency industry for lacking transparency and accountability. In February 2024, he likened the Dallas Mavericks’ sponsorship with Voyager to a deal with a “heroin manufacturing firm.”

While supporting Gary Gensler’s regulation-by-enforcement approach, Stark insists crypto must conform to existing laws. However, industry leaders like Mark Cuban have criticized his views, with Cuban labeling them “crypto derangement syndrome” in June 2023.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post John Reed Stark Opposes Crypto Regulation Reform! appeared first on Coin Engineer.