Lawmakers unveil bipartisan bill that aims to ban TikTok in the U.S. - CNBC

A caller measure from a bipartisan radical of lawmakers, if passed, would prohibition TikTok successful the U.S. aft years of wide interest crossed the Trump and Biden administrations astir imaginable Chinese authorities power connected the company.

Social media stocks similar Meta and Snap were affirmative Tuesday erstwhile the quality broke. Meta shares were up much than 6% and Snap was up much than 3% arsenic of precocious morning.

TikTok, owned by Chinese institution ByteDance, has raised fears successful the U.S. that Chinese authorities officials could summation entree to U.S. idiosyncratic information nether Chinese instrumentality that could compel the institution to manus implicit information. TikTok has insisted U.S. idiosyncratic information is safely stored extracurricular of China, which it says should support it retired of scope of authorities officials.

But the company's reassurances person done small to crook down the vigor connected TikTok. The Committee connected Foreign Investment successful the U.S. is successful talks with the institution astir however to resoluteness immoderate of the information concerns, though a solution has reportedly been delayed. The manager of the Federal Bureau of Investigation Christopher Wray testified earlier Congress precocious that he's "extremely concerned" implicit the Chinese government's imaginable power done TikTok connected U.S. users.

The caller bill, introduced by Sen. Marco Rubio, R-Fla., and Reps. Mike Gallagher, R-Wisc., and Raja Krishnamoorthi, D-Ill., would prohibition "all transactions from immoderate societal media institution in, oregon nether the power of, China, Russia, and respective different overseas countries of concern," according to a property release.

The ANTI-SOCIAL CCP ACT (which stands for Averting the National Threat of Internet Surveillance, Oppressive Censorship and Influence, and Algorithmic Learning by the Chinese Communist Party) explicitly names ByteDance and TikTok arsenic taxable to the restrictions successful the bill, "unless and until the day connected which the President certifies to Congress that the institution nary longer meets immoderate of the conditions described," specified arsenic being taxable to "substantial influence" by a state of concern.

TikTok did not instantly respond to a petition for comment.

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