Stock Market News

Factbox-TikTok decision coming soon as Jan. 19 divestment deadline looms

2024.11.25 18:50

WASHINGTON (Reuters) – A U.S. federal appeals court is expected to rule by Dec. 6 whether to uphold a law requiring Chinese-based ByteDance to divest its popular short video app TikTok in the U.S. by early next year or face a ban.

President-elect Donald Trump has said he will not allow TikTok, which is used by 170 million Americans, to be banned.

Below are several scenarios on how a three-judge panel of the U.S. Court of Appeals for the District of Columbia could rule.

The District of Columbia Appeals Court typically issues rulings on Tuesdays and Fridays.

COURT UPHOLDS THE LAW

Circuit Judges Sri Srinivasan, Neomi Rao and Douglas Ginsburg are currently considering the legal challenges brought by TikTok and users against the law that gives ByteDance until Jan. 19 to sell or divest TikTok’s U.S. assets or face a ban.

The court could rule to uphold the law, validating the U.S. government’s position and likely compelling TikTok to quickly appeal the ruling to the Supreme Court or to the full District of Columbia circuit.

COURT UPHOLDS THE LAW BUT SAYS IT IS UNFAIR TO TIKTOK

The Justice Department says TikTok under Chinese ownership poses a serious national security threat because of its access to vast personal data of Americans, asserting China can covertly manipulate information that Americans consume via TikTok.

The Court could rule to uphold the law, but also say it is unfair the legislation expressly singles out ByteDance and TikTok under the Constitution’s prohibition of “Bills of Attainder” – laws that directly impose a punishment on a specific person, entity or class. The court could direct the U.S. government follow a process to potentially certify that TikTok is a national security threat, giving the app a lifeline or a significant delay in a possible ban.

© Reuters. FILE PHOTO: Tik Tok logo, the U.S. flag and a judge gavel  are seen in this illustration taken, August 6, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

COURT RULES LAW IS UNCONSTITUTIONAL

The court could agree with TikTok and ByteDance, who argue the law is unconstitutional and violates Americans’ free speech rights. They call it “a radical departure from this country’s tradition of championing an open Internet.” The Justice Department could appeal to the Supreme Court or full appeals court panel.



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 84,054.52 0.34%
ethereum
Ethereum (ETH) $ 1,918.47 0.10%
tether
Tether (USDT) $ 1.00 0.00%
xrp
XRP (XRP) $ 2.37 1.31%
bnb
BNB (BNB) $ 604.46 1.72%
solana
Solana (SOL) $ 134.46 1.21%
usd-coin
USDC (USDC) $ 1.00 0.00%
cardano
Cardano (ADA) $ 0.731944 0.71%
dogecoin
Dogecoin (DOGE) $ 0.173871 0.59%
tron
TRON (TRX) $ 0.218474 1.00%
staked-ether
Lido Staked Ether (STETH) $ 1,917.78 0.13%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 83,952.49 0.35%
pi-network
Pi Network (PI) $ 1.49 2.90%
chainlink
Chainlink (LINK) $ 14.09 1.77%
leo-token
LEO Token (LEO) $ 9.74 1.61%
the-open-network
Toncoin (TON) $ 3.43 17.34%
stellar
Stellar (XLM) $ 0.272016 0.55%
usds
USDS (USDS) $ 1.00 0.03%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,297.09 0.09%
hedera-hashgraph
Hedera (HBAR) $ 0.190991 0.73%
avalanche-2
Avalanche (AVAX) $ 19.23 3.77%
shiba-inu
Shiba Inu (SHIB) $ 0.000013 1.78%
sui
Sui (SUI) $ 2.32 0.82%
litecoin
Litecoin (LTC) $ 92.01 1.07%
bitcoin-cash
Bitcoin Cash (BCH) $ 336.65 2.41%
polkadot
Polkadot (DOT) $ 4.29 0.24%
mantra-dao
MANTRA (OM) $ 6.61 2.65%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.01%
bitget-token
Bitget Token (BGB) $ 4.50 2.60%
weth
WETH (WETH) $ 1,919.57 0.19%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00 0.13%
hyperliquid
Hyperliquid (HYPE) $ 13.66 5.55%
whitebit
WhiteBIT Coin (WBT) $ 28.83 1.52%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,039.12 0.10%
monero
Monero (XMR) $ 213.39 0.97%
uniswap
Uniswap (UNI) $ 6.24 2.40%
susds
sUSDS (SUSDS) $ 1.04 0.00%
dai
Dai (DAI) $ 0.999795 0.04%
aptos
Aptos (APT) $ 5.28 0.53%
near
NEAR Protocol (NEAR) $ 2.64 0.38%
pepe
Pepe (PEPE) $ 0.000007 0.84%
internet-computer
Internet Computer (ICP) $ 5.81 1.91%
okb
OKB (OKB) $ 46.46 1.64%
ondo-finance
Ondo (ONDO) $ 0.866297 0.36%
ethereum-classic
Ethereum Classic (ETC) $ 17.78 0.70%
mantle
Mantle (MNT) $ 0.792666 8.02%
gatechain-token
Gate (GT) $ 21.64 1.71%
aave
Aave (AAVE) $ 172.62 0.47%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 84,115.54 0.44%
tokenize-xchange
Tokenize Xchange (TKX) $ 29.94 6.54%