Donald Trump’s TikTok Ban Delay Reignites Crypto Conspiracy Theories

US President Donald Trump on June 19, 2025 signed a third executive order delaying TikTok’s sell-or-ban deadline by 90 days.

The order pushes the drop-dead date to Sept. 17, 2025 and directs the Justice Department not to enforce the 2024 law that would ban TikTok without a U.S. buyer.

Donald Trump, who has 15 million TikTok followers, announced on Truth Social:

“I’ve just signed the Executive Order extending the Deadline for the TikTok closing for 90 days.”

TikTok’s U.S. business is now on hold. That gives ByteDance more time to find an American buyer or partner.

At the same time, the app remains available to its roughly 170 million U.S. users and 7.5 million U.S. businesses.

White House Press Secretary Karoline Leavitt had hinted at the move days earlier, saying the administration would use the 90-day extension “to ensure this deal is closed so that the American people can continue to use TikTok”.

Trump’s Delay in Decision Draws Reaction

Reactions on Capitol Hill were mixed. Senate Intelligence Vice Chair Mark Warner (D–Va.) blasted the extension as “flouting the law” and insisted “an executive order can’t sidestep the law.”

The new law – signed by President Biden in April 2024 with bipartisan support – gives ByteDance until Jan. 19 to divest or sever ties or face a ban.

Warner and other Democrats worry Donald Trump is ignoring Congress’s national-security findings. By contrast, Senate GOP leaders have urged a “realistic” solution.

Senate Majority Leader John Thune (R–S.D.) told reporters that it “all depends on the buyer,” adding that negotiators “want a buyer that doesn’t have the CCP in control” of TikTok’s algorithms.

On Friday, TikTok’s official Policy account took to X to call Rep. Brad Sherman’s claim—that TikTok’s Chinese owners are buying $300 million worth of the Official Trump (TRUMP) memecoin—“patently false and irresponsible.” TikTok added that Sherman’s allegation doesn’t even align with a letter he signed last month.

The statement said TikTok will keep working with U.S. officials including Vice President Vance’s office to resolve data-security issues.

The Big Question – Who Gets The Prize?

Meanwhile, several potential buyers remain in play. Reports have named bidders ranging from Amazon and Oracle to fintech entrepreneur Frank McCourt and Kevin O’Leary. None of these deals is done, and U.S. officials will scrutinize any buyer for foreign ties.

One viral claim came from Rep. Brad Sherman (D–Calif.), who alleged on X (Twitter) that ByteDance’s U.S. sale was secretly being paid for with a $300 million purchase of a Donald Trump–themed cryptocurrency.

Sherman implied the crypto buy was a quid-pro-quo or “bribe” tied to the executive order. TikTok flatly denied the charge.

Its official “TikTok Policy” account responded that Sherman’s claim was “patently false and irresponsible.” As per the response, it even contradicted a letter Sherman himself had signed.

A TikTok spokesperson had already issued a statement, saying the company “denied any investment in Trump Meme Coin” that Sherman had claimed to see. No evidence of any $300 million crypto transfer has surfaced.

Crypto Circles Stir as TikTok Buyout Rumors Surface

Other conspiracy threads drew on news from April. Reuters reported that OnlyFans founder Tim Stokely and the HBAR Foundation, which manages the Hedera Hashgraph cryptocurrency treasury, submitted a joint bid for TikTok’s U.S. operations.

Online, some spun this fact into a narrative about “crypto interests” behind TikTok’s fate. In reality, industry analysts say the HBAR/OnlyFans bid was simply a legitimate investment proposal, and that the extension reflects politics and market forces, not secret crypto deals.

Another rumor involved Elon Musk. In January, Chinese state media briefly floated Musk as a possible buyer. TikTok immediately called those reports “pure fiction.”

Donald Trump’s embrace of cryptocurrency has fueled extra attention. In March 2025 he hosted a White House “Crypto Summit” and vowed the U.S. would be a “world leader in cryptocurrencies.”