Helena Lyng Blak
10 weeks ago

What are the next steps in the US ban of TikTok?

The bill to ban TikTok moves on to the Senate.
TikTok app logo crossed out with red Ban sign displayed on phone screen with the US flag background.
salarko / Shutterstock.com

A bill that would either force TikTok to divest from its parent company ByteDance or else find itself banned in the US was passed in the House of Representatives on Wednesday. Here are the next steps.

Moving on to the Senate

First and foremost, the bill is moving on to the Senate, where it will need to be passed in order to advance further in the process. If Senate lawmakers approve the legislation, it will reach the President’s desk.

President Joe Biden has already endorsed the legislation and has declared that he will sign it, should Congress pass the bill.

Thus, it seems like the bill’s only hurdle is the Senate.

And a hurdle that may be. On Thursday, Senate lawmakers called for a more "cautious deliberation", slowing the rapid pace, the bill has otherwise moved in.

Any takers?

If the legislation passes, ByteDance will have six months to sell the social media app before it gets banned nationwide in the US. While it is certainly an option, New York Times tech journalists David McCabe and Sapna Maheshwari deem a sale difficult. They argue that TikTok is simply too valuable for a large number of companies or individuals to be able to buy the app - or even just its US operations.

Bloomberg Intelligence estimates that TikTok’s US business alone could be worth $35 to $40 billion.

Former US Treasury Secretary Steven Mnuchin, however, has proclaimed an interest in acquiring TikTok alongside potential co-investors, Bloomberg reports. Mnuchin served as Secretary of the Treasury under the Trump administration. Back then, former President Donald Trump was among the first to raise alarm over TikTok’s ties to China.

Mnuchin currently runs a private investment firm that is backed, among others, by Saudi Arabia.

Growing opposition

In a surprising turn of events, however, former President and Republican presidential candidate Trump has withdrawn his support for a ban on TikTok.

He joins the growing opposition, which also includes multiple free speech groups and the American Civil Liberties Union (ACLU).

Disclaimer

The information provided by this Site is for general informational purposes only. All information on the Site is provided in good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information on the Site.

More News

1 hour ago OpenAI Announces Partnership With Rupert Murdoch’s News Corp Amid Mass Media Lawsuits OpenAI partners with Wall Street Journal parent while facing multiple lawsuits from US newspapers.
2 hours ago FX Daily: May 28, 2024 - Currency Movements Signal Mixed Trends Daily update from the foreign exchange market.
3 hours ago US Market Open: May 28, 2024 - Mixed Signals Amid Sector Divergence Daily update from the US market open.
3 hours ago The Western World’s Financial Leaders Met - Here are 7 Central Highlights Discover how the G7's latest meeting addressed global economic challenges, AI integration, and sustainable development.
8 hours ago Chocolate Trade Tiff: EU Fines Oreo and Toblerone Parent for Anticompetitive Practices EU slaps €337.5 million fine on Oreo and Toblerone maker for stifling trade.
9 hours ago Europe Market Open: May 28, 2024 - Mixed Performance Across European Markets Daily update from the European market open.
1 day ago Dogecoin Dog Has Passed Away Farewell to Kabosu: The Shiba Inu behind the iconic ‘Doge’-meme and Dogecoin
1 day ago Israeli Airstrike Hits Rafah Tent Camp Israeli airstrike on Rafah camp kills dozens, raising international alarm.
1 day ago Meta and Call of Duty Maker Sued by Families of School Shooting Victims Families of the 2022 Uvalde school shooting victims file lawsuits against major corporations and officials, claiming they contributed to the tragedy.