In a recent interview with CNBC on Monday, US Treasury Secretary Janet Yellen revealed that the United States continues to harbor concerns about privacy and social media, specifically referencing the unresolved matter involving the popular short video platform, TikTok.
Yellen refrained from going into specifics regarding TikTok, a social media owned by Chinese parent company ByteDance, citing ongoing legal proceedings that prevent US regulators from taking additional action at this time.
"We do have concerns around the potential issues with privacy and social media," the US official stated, as quoted by Reuters, emphasizing that the matter remains unresolved.
Notably, TikTok was not explicitly mentioned at the US summit, where US President Joe Biden had a meeting with Chinese President Xi Jinping. US Treasury Secretary Janet Yellen said she discussed Chinese investment in the United States with her Chinese counterpart. She noted that she addressed Chinese investments in the US with her Chinese counterpart during their discussion, including the Committee on Foreign Investment in the United States (CFIUS) procedure.
The US Department of Treasury chairs CFIUS, an interagency group that assesses national security-related foreign investments in US enterprises and real estate.
US Treasury Secretary Janet Yellen noted that both Washington and Beijing acknowledge the chance for collaboration following the recent meeting between the two presidents.
TikTok Under US Scrutiny
Privately owned TikTok, which boasts more than 150 million users in the US and more than 1 billion global users, has proposed a strategy called Project Texas, which aims to relocate all data originating from the United States to servers within the country, addressing apprehensions related to privacy and security.
Biden Administration Threatening TikTok Ban
The US has previously threatened to ban TikTok, with concerns centering on potential data exposure to the Chinese government. Because they believe that the Chinese government may have access to sensitive user data, lawmakers and regulators in the West are concerned about the security implications of TikTok and ByteDance. TikTok has consistently denied such claims and sought to distance itself from ByteDance.
In August, TikTok revealed that the Biden administration is pushing for the app's Chinese ownership to sell or face a potential ban. TikTok has been in confidential talks with CFIUS for years, addressing concerns about its relationship with ByteDance and data handling under Chinese government influence.
According to The New York Times, TikTok has faced bans in several countries, including India, where it was banned in mid-2020, and various US states and institutions have restricted its use on government devices and Wi-Fi networks. Additionally, legislative efforts, lawsuits, and bills at both the state and federal levels have aimed to ban TikTok, reflecting ongoing concerns about its operations.
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