US Lawmakers Seek Congressional Scrutiny of TikTok Joint Venture Deal

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U.S. lawmakers said a proposed joint venture by TikTok and its Chinese parent ByteDance to avoid a nationwide ban requires close congressional scrutiny, citing unresolved national security concerns. The deal would create a majority American-owned entity to operate TikTok in the United States, with U.S. and global investors holding 80.1% and ByteDance retaining 19.9%.

Republican Representative Jack Moolenaar, chair of the House select committee on China, said lawmakers must examine whether China could still influence TikTok’s algorithm or access U.S. user data. Democratic Senator Ed Markey also criticised the lack of transparency, saying Congress has a duty to investigate whether the arrangement truly protects national security while keeping the app online.

TikTok said the new entity would safeguard U.S. data, apps and algorithms through enhanced cybersecurity and privacy measures, but disclosed few details. The White House and TikTok declined immediate comment. The agreement marks a key moment after years of political and legal battles over TikTok’s operations in the United States.

Trump Administration Pushes Out Official Who Banned Chinese Vehicles

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The Trump administration has pushed out a senior U.S. Commerce Department official whose office played a key role in effectively barring Chinese passenger vehicles from the American market on national security grounds, according to people familiar with the matter.

Elizabeth “Liz” Cannon has resigned as executive director of the Office of Information and Communications Technology and Services (ICTS), which was created in 2022 to investigate supply-chain threats posed by foreign adversaries. Sources said Cannon would have been reassigned if she had not stepped down, and that the administration plans to replace her with a political appointee. Her departure is expected to take effect on February 20.

Cannon’s exit comes amid a broader slowdown in proposed restrictions on Chinese technology imports. The Commerce Department recently withdrew plans to restrict Chinese drones and has put on hold rules targeting medium- and heavy-duty trucks from China. However, regulations finalized last year that effectively block Chinese passenger cars over data-security concerns remain in force.

President Donald Trump has sent mixed signals on the issue, saying he would welcome Chinese automakers that build factories and hire workers in the United States. The Commerce Department said recent staffing changes would strengthen its ability to address national security risks from foreign technology.

Analysts warn Cannon’s departure could weaken U.S. expertise in assessing long-term technology threats, even as Washington and Beijing maintain a fragile trade truce.

UBS Explores Crypto Investing for Select Private Banking Clients, Report Says

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Swiss banking giant UBS is exploring plans to offer cryptocurrency investment services to select private banking clients, according to a report by Bloomberg News, citing people familiar with the matter.

Under the proposal, UBS would initially allow a limited group of its private banking clients in Switzerland to buy and sell major digital assets such as bitcoin and ether. The bank is said to be in the process of selecting external partners to support the crypto offering. Bloomberg reported that the service could later be expanded to other regions, including Asia-Pacific and the United States.

UBS declined to comment directly on the report, but said it continues to assess opportunities linked to digital assets. A spokesperson told Reuters that the bank actively monitors developments in line with client demand, regulatory frameworks, market trends and risk management considerations, while acknowledging the importance of blockchain technology that underpins cryptocurrencies.

The move reflects growing interest in digital assets among wealthy clients and forms part of a broader trend of institutional adoption. Other major banks have also moved cautiously into the space, as regulatory clarity improves in some markets. Analysts say UBS’s potential entry would mark another milestone in the mainstream acceptance of crypto investing within global wealth management.