Some republicans aren’t in favor of TikTok deal

Source Cryptopolitan

US House Republicans are standing against any TikTok deal that would allow Chinese owner ByteDance to maintain a stake in the app.

TikTok faces a forced sale or a nationwide ban if a deal is not finalized by the April 5 deadline. President Donald Trump appears open to a deal that leaves some involvement for the Chinese company. 

Lawmakers such as Michigan Republican John Moolenaar have warned that any arrangement giving ByteDance continued control is a grave threat to US security and a violation of American law.

At a TikTok Coalition event on Thursday, Moolenaar said, “Any deal that allows ByteDance to maintain control of TikTok is a grave threat to our security and a violation of US law. If ByteDance stays involved in any way, the deal is illegal – plain and simple.” 

Recent reports indicate that a prospective deal would allow ByteDance to retain a stake in TikTok. Under the proposal, data collection and software updates would be overseen by Oracle. 

The move is part of talks led by the White House, centered on a “qualified divestiture.”

The law mandates that a foreign adversary must no longer control the app, defined as holding a stake of 20 percent or more, while leaving room for the president to set the terms.

President Trump is eager to “save” the app and would go to extra lengths. He has not clearly stated whether he would support ByteDance having a partial role in TikTok.

On Wednesday, he said he might lower tariffs on China to secure Beijing’s support and would consider extending the April 5 deadline if no agreement is reached. 

Trump talks about the TikTok deal at the Oval Office. Source: Bloomberg

The law originally set the deadline as January 19 with a one-time 90-day extension for progress, and Trump had extended it on his first day in office after a call with Chinese President Xi Jinping.

The forced sale law, passed last year as part of a foreign aid package, was enacted amid concerns that TikTok’s Chinese ownership might allow Beijing to conduct influence operations against the United States. 

While the law mandates a divestiture, free speech advocates warn that a ban would restrict Americans’ access to foreign media. It would violate the First Amendment. The Supreme Court upheld the law in January, maintaining pressure on TikTok to separate from its Chinese owner.

Senator Ed Markey of Massachusetts stated that the US intelligence community had “no information” that ByteDance manipulated TikTok content to favor the Chinese government. 

On Monday, Markey, along with Senators Cory Booker and Chris Van Hollen, sent a letter urging Trump to work with Congress on a legal basis for any extension. Earlier this year, they and Representative Ro Khanna of California introduced a bill to extend the original January 19 deadline by 270 days.

Some Republicans want pure TikTok divestiture

Florida Republican Representative Kat Cammack called for “an absolute pure divestiture” on Thursday.

Senator Tom Cotton of Arkansas, known as one of the strongest supporters, has yet to firmly take a stand on the need for complete divestiture, with reports indicating he is allowing the White House to handle the negotiations.

When asked about President Trump’s recent remarks, Guo Jiakun, spokesperson for China’s foreign ministry, said Beijing has stated its position on TikTok on multiple occasions. He added that China’s opposition to extra tariffs is “consistent and clear.”

In January, China’s foreign ministry also expressed openness to a TikTok deal, noting that acquisitions should be “decided independently by companies” according to the law. Some reports have suggested that TikTok’s algorithm may be subject to export controls by China’s commerce ministry.

Cryptopolitan Academy: Coming Soon - A New Way to Earn Passive Income with DeFi in 2025. Learn More

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Crypto Market Outlook: Bitcoin, Ethereum, and XRP Tumble as BoJ Hawkishness Sparks Risk-Off RoutBitcoin slides below $87,000, Ethereum leans on $2,800 support and XRP hovers around $2.00 as December opens with a risk-off tone, leaving BTC eyeing $80,600–$74,508, ETH exposed to $2,111 and XRP to $1.90 unless buyers can turn key levels into a base for a rebound.
Author  Mitrade
Dec 01, Mon
Bitcoin slides below $87,000, Ethereum leans on $2,800 support and XRP hovers around $2.00 as December opens with a risk-off tone, leaving BTC eyeing $80,600–$74,508, ETH exposed to $2,111 and XRP to $1.90 unless buyers can turn key levels into a base for a rebound.
placeholder
Fed’s $13.5B Liquidity Injection: Will it Fuel Bitcoin to $50K or Signal a Crash?The Federal Reserve injected $13.5 billion into the banking system, signaling a significant liquidity boost for Bitcoin and risk assets, rivaling levels from the COVID-19 era.
Author  Mitrade
Dec 03, Wed
The Federal Reserve injected $13.5 billion into the banking system, signaling a significant liquidity boost for Bitcoin and risk assets, rivaling levels from the COVID-19 era.
placeholder
Solana Price Forecast: ETF Demand and Derivatives Flows Fuel a Sharper ReboundSolana (SOL) trades above $140 after a 10% daily jump, as ETF inflows flip positive, futures open interest climbs 6.75% and on-chain TVL and stablecoin liquidity rise, setting up a potential double-bottom breakout toward the 50-day EMA at $158 if SOL can secure a daily close above $145.
Author  Mitrade
Dec 03, Wed
Solana (SOL) trades above $140 after a 10% daily jump, as ETF inflows flip positive, futures open interest climbs 6.75% and on-chain TVL and stablecoin liquidity rise, setting up a potential double-bottom breakout toward the 50-day EMA at $158 if SOL can secure a daily close above $145.
placeholder
Gold Price Forecast: XAU/USD flat lines near $4,200 ahead of US PCE inflation releaseGold price (XAU/USD) trades on a flat note near $4,205 during the early Asian trading hours on Friday. Rising US Treasury yields and upbeat US jobs data cap upside for the precious metal. Traders might prefer to wait on the sidelines ahead of the key US inflation data.
Author  FXStreet
2 hours ago
Gold price (XAU/USD) trades on a flat note near $4,205 during the early Asian trading hours on Friday. Rising US Treasury yields and upbeat US jobs data cap upside for the precious metal. Traders might prefer to wait on the sidelines ahead of the key US inflation data.
placeholder
Bitcoin Pauses for Breath Above $92,000 as Bulls Weigh Next Run at $95,000Bitcoin consolidates above $92,000 and the 100-hour SMA as traders eye a breakout toward $96,450 or a potential retracement to $90,500 support.
Author  Mitrade
2 hours ago
Bitcoin consolidates above $92,000 and the 100-hour SMA as traders eye a breakout toward $96,450 or a potential retracement to $90,500 support.
goTop
quote