5 hours ago
TikTok has publically denied allegations that it bought $300 cardinal worthy of TRUMP memecoins to sway US President Donald Trump.
The institution addressed the claims connected June 19 successful a station connected X, labeling the accusation “false and irresponsible” and aimed astatine misrepresenting its actions.
The connection followed comments by US Congressman Brad Sherman, who suggested that TikTok’s genitor company, ByteDance, purchased a large measurement of TRUMP tokens. He claimed the alleged transaction amounted to a nonstop bribe to President Trump.
Sherman argued that since Trump created the token astatine nary cost, immoderate purchases funneled fiscal benefits consecutive to him.
TikTok dismissed Sherman’s communicative and highlighted that his mentation of a caller missive was misleading. The institution stressed that nary specified transaction had occurred and described the allegations arsenic baseless.
The timing of the accusation coincides with a caller Executive Order from President Trump, granting TikTok an further 90 days to finalize the merchantability of its US operations oregon hazard a nationwide ban.
Critics reason that the President lacked ineligible grounds to widen the deadline, citing the archetypal instrumentality passed by Congress that allowed for lone 1 extension.
Trump’s crypto ties trigger morals concern
Beyond TikTok, the TRUMP memecoin itself is drafting scrutiny from the industry.
The token, promoted by the Trump family, has sparked growing concerns implicit conflicts of interest. Critics pass that a president with nonstop oregon indirect ties to integer assets could look superior questions astir ethics, transparency, and overseas influence.
Several US lawmakers and nonprofit watchdogs person expressed interest implicit the imaginable misuse of governmental bureau for idiosyncratic fiscal gain, particularly done tokens with nary wide usage lawsuit oregon underlying value.
Meanwhile, the TRUMP memecoin continues to commercialized acold from its all-time precocious and faces accordant merchantability pressure. According to data from CryptoSlate, the token has fallen implicit 34% successful the past month.
As of property time, it was trading astir $9.43, down importantly from its January all-time precocious of $44.28.
The station TikTok clashes with US congressman implicit alleged $300M TRUMP token bribe appeared archetypal connected CryptoSlate.
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