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Trump Security Adviser Open to Continued Chinese Ownership of TikTok Under Certain Conditions

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Incoming National Security Adviser Mike Waltz suggested that President-elect Donald Trump may consider allowing TikTok to remain under Chinese ownership if measures are implemented to ensure American users’ data is securely stored in the United States. Waltz’s comments came during an interview with CNN on Sunday, as TikTok ceased operations for its 170 million U.S. users due to a newly enacted ban over concerns of potential misuse of data by Chinese authorities.

Waltz stated that Trump is working to “save TikTok” and hinted at the possibility of establishing “firewalls” to safeguard U.S. data. Additionally, TikTok noted in a message to users that Trump had promised a likely 90-day reprieve once he assumes office on Monday. Waltz told CBS News that this extension would allow TikTok to address key issues and evaluate potential buyers.

Despite Waltz’s remarks, Republican leaders in Congress appear divided on the matter. House Speaker Mike Johnson expressed skepticism about continued Chinese ownership, advocating instead for TikTok’s parent company, ByteDance, to sell the app entirely. “It’s not the platform… It’s the Chinese Communist Party,” Johnson emphasized during an NBC “Meet the Press” interview.

Other Republican lawmakers, including Senators Tom Cotton and Pete Ricketts, strongly oppose any extension of TikTok’s ban. In a joint statement, they argued that there is “no legal basis for any kind of ‘extension’ of (the ban’s) effective date.”

The debate highlights ongoing tensions over TikTok’s ownership and data privacy concerns, with the future of the platform’s U.S. operations hanging in the balance.

 

US Bank Regulator Cautions Banks on Crypto but Stops Short of Halting Crypto Business

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In a series of documents released on Friday, the Federal Deposit Insurance Corporation (FDIC) clarified that it advised banks to pause direct engagement in cryptocurrency activities in 2022 and 2023, but did not order banks to stop offering banking services to crypto companies. This comes amid complaints from the crypto industry, which claims widespread “debanking” by traditional banks. The release of these documents follows a lawsuit filed by Coinbase, which sought to reveal the FDIC’s supervisory actions towards banks interacting with the crypto sector.

The FDIC’s guidance, provided in “pause letters” sent to various banks, emphasized the risks of directly holding crypto assets, but did not mandate that banks sever ties with crypto clients or cut off banking services for crypto companies. In contrast, the regulator issued instructions to pause or slow down crypto ventures and requested detailed clarifications from banks exploring direct involvement with crypto.

Coinbase’s legal team, alongside other crypto advocates, has criticized the regulator’s stance as an attempt to stifle the sector. Meanwhile, the FDIC published a 2022 internal memo to further clarify the difference between traditional banking services for crypto firms—such as offering deposit accounts—and direct crypto activities, like holding or trading crypto assets. The memo suggests stricter scrutiny for direct crypto engagement.

The timing of the document release is significant, coinciding with President-elect Donald Trump’s upcoming inauguration. His administration is expected to announce a broader crypto policy overhaul, with reports indicating that he may issue an executive order encouraging regulators to ease their stance on the industry.

Meta Scraps U.S. Fact-Checking Program Ahead of Trump Administration’s Return

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Meta Platforms (META.O) has announced the discontinuation of its fact-checking program in the U.S. and a reduction in its restrictions on controversial topics such as immigration and gender identity. This move, which represents a significant shift in Meta’s approach to political content, comes as the company adjusts to the expected return of President-elect Donald Trump to office.

The decision is seen as a response to conservative criticism, and CEO Mark Zuckerberg has emphasized the importance of returning to the company’s roots in promoting free expression. Meta will instead adopt a “community notes” system, which allows users to contribute to content moderation, similar to the model used by Elon Musk’s X platform. In addition, Meta will scale back its proactive efforts to detect and remove rule-breaking content, focusing its automated systems on high-severity violations like terrorism, child exploitation, and fraud.

Meta’s overhaul of its content moderation approach includes the relocation of teams responsible for writing and reviewing content policies from California to Texas and other U.S. locations. These changes are a result of more than a year of discussions within the company, although the specific details of the relocation remain unclear.

The decision to end the fact-checking program, initiated in 2016, has taken its partner organizations by surprise. Critics argue that the shift may facilitate the spread of disinformation, with some claiming it is politically motivated. Meta’s independent Oversight Board expressed support for the move, while fact-checkers and other journalistic organizations expressed concerns about the impact on credibility.

While these changes are initially limited to the U.S. market, Meta has not yet indicated whether similar adjustments will be made in other regions like the European Union, which has stricter tech regulations under its Digital Services Act.