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TikTok Ban Looms as President Biden Signs Law With 270-Day Sale Deadline

For TikTok, the clock has started running in its existential fight to avoid a US ban.

Legislation requiring the social media app’s Chinese owners to divest sailed through Congress, capped by Senate passage late Tuesday as part of a larger foreign-aid package. President Joe Biden signed into law Wednesday, beginning a 270-day countdown for a sale or a US prohibition of the popular video-sharing platform.

TikTok and Beijing-based ByteDance have vowed to do all they can to stop the measure. They’ve argued it infringes the free-speech rights of the app’s 170 million monthly US users and plan to file suits to void the law or at least delay its enforcement.

“We believe the facts and the law are clearly on our side, and we will ultimately prevail,” TikTok said Wednesday in a post on X.

Biden’s signature culminated years of scrutiny in Washington, where regulators and lawmakers from both parties have voiced increased concern that TikTok’s Chinese ownership poses a risk to US national security. Proponents of the bill claim that China’s government uses TikTok as a propaganda tool and could demand that ByteDance share US users’ data — allegations the company and officials in Beijing have denied.

With the legal battle set to unfold, TikTok’s US users face a wave of uncertainty about a place to express themselves via video, make money as influencers or sell wares on TikTok Shop. If implemented, a TikTok ban would risk disrupting “a critical channel for engaging with younger audiences and building brand visibility,” said Damian Rollison, director of market insights at SOCi.

“TikTok’s unique format has allowed businesses to showcase products and services creatively, leveraging trends and user-generated content to connect with potential customers,” Rollison said.

TikTok has invoked economic arguments against the law, saying content creators and merchants who make a living from posting videos and selling goods would be hurt financially. While many US lawmakers who backed the newly passed federal bill think it would survive court review, some rights groups say the First Amendment will be a more difficult hurdle to clear.

“The US government can say that a foreign company can’t do business in the US — it’s just more difficult when the foreign business is a communications system that US users use to communicate with each other,” David Greene, civil liberties director for the Electronic Frontier Foundation, said in an interview. “That just has different legal issues.”

When Montana passed a law in 2023 that would outlaw TikTok in the state, the company and a group of content creators sued in separate requests, saying the state measure violated free expression rights under the US Constitution’s First Amendment. The company funded the users’ lawsuit, according to the New York Times. The judge reviewing the case blocked the ban before it could go into effect.

ByteDance sees a TikTok divestiture as a last resort, according to people familiar with the matter. TikTok’s parent expects it can get a restraining order on the legislation, then wage a legal battle that could last more than a year, Bloomberg has reported.

“We’ll continue to fight,” Michael Beckerman, TikTok’s head of public policy for the Americas, said in a memo to US staff this past week. “This is the beginning, not the end of this long process.”

If TikTok can’t slow enforcement through the legal system, another chance of avoiding a separation may lie with a new administration. Biden’s signing the bill on Wednesday puts the divestiture deadline to Jan. 19 — a day before the next presidential inauguration.

Under the bill, Biden has the option to extend that deadline by an additional 90 days if he sees progress toward a sale. That would push a possible ban well into the next presidential term.

Biden’s opponent in the November election, Donald Trump, has recently come out against a TikTok ban, saying it could boost rival Meta Platforms Inc. — which previously suspended Trump from its platforms. For Trump, that marked a reversal from his decision while president to ban the app via a 2020 executive order that was later voided by federal courts. 

The political sensitivities of targeting a social media platform popular with younger users during a US election year were not lost on the bill’s supporters.

“This is not an effort to take your voice away,” Senator Mark Warner, a Virginia Democrat and chairman of the Intelligence Committee, said Tuesday before the vote. “To young Americans, I want to say, we hear your concern. We hope that TikTok will continue under new ownership.”

Passage marks a significant setback in Washington for ByteDance, which spent $2.7 million in the first quarter on federal lobbying efforts after shelling out a record $8.7 million last year, according to congressional filings. TikTok Chief Executive Officer Shou Chew made personal appeals on Capitol Hill in an unsuccessful bid to stifle the legislation. 

Meanwhile, the company spent more than $2 billion on shielding sensitive US user data, with help from Texas-based Oracle Corp., to try to show that its platform is safe.

With the app back in regulatory and legal limbo, many TikTok users aren’t fleeing just yet. But those who make money on the app are reviewing their options.

Educational Insights, which owns the popular Kanoodle puzzle game, has been using TikTok videos for several years to market its products. The company was among the first merchants to join TikTok Shop as part of an early test before it officially went live.

“At the moment we are definitely monitoring closely,” said Alyssa Weiss, Educational Insights’ senior marketing manager. “We will be ready to pivot should the need arise, but for now, we are still actively rolling out our TikTok plans.”

© 2024 Bloomberg LP

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IRS Expects to See Spike in Crypto Tax Evasion Cases in the US: Report

The US, where estimates suggest 40 percent of adults currently hold crypto assets, is expecting to see a rise in tax evasion cases. The US’ Internal Revenue Service (IRS) is already gearing up to handle these cases. The information was disclosed by Guy Ficco, the chief investigating officer of the IRS in the US. Ficco was speaking at the Chainalysis Links event in New York. As per the IRS official, the agency has already been seeing a rise in the number of ‘pure crypto tax crimes’ — that are separate from instances of fraud, money laundering, and scams.

The US reportedly levies taxes ranging from zero percent to 20 percent on long term capital gains. Entities that made up to $44,626 (roughly Rs. 37.2 lakh) in profits from crypto activities in 2023 will not need to pay any long-term Capital Gains Tax. Short-term capital gains, however, are taxed by up to 37 percent, depending on the profits accumulated in the US.

US nationals who knowingly lie about their crypto profits while reporting taxes are charged under the Title 26 tax code in the US. Currently, the IRS is trying to identify and crack down on this category of people.

“This could be purely not reporting income generated from crypto sales, it could be hiding the true basis in crypto. So that’s an area that we’ve seen an uptick and I anticipate there’s going to be more charged Title 26 crypto cases this year and going forward,” Ficco told CNBC in an interview.

Arming up to tackle this expected rise in crypto tax evasion cases, the IRS in the US is already forging partnerships with different divisions of law enforcement to improve the criminal identification process.

In addition, the IRS has also teamed up with Chainalysis, a blockchain analysis firm. With the help of Chainalysis, the US IRS is looking to understand the loopholes in Web3 protocols or settings that cyber criminals could exploit to get their way.

While the US is preparing to deal with crypto tax evaders, shocking details on international tax evasion cases were reported in 2023 by Divly, a Sweden-based tech research firm. The research platform, at the time, had claimed that only 0.53 percent of global crypto holders paid taxes on their crypto incomes in 2022.

As per the Divly report, at the time, Philippines had the lowest percentage of crypto taxpayers at just 0.03 percent. India had ranked third last on this index with just 0.07 percent crypto holders who had paid their crypto taxes.

In India, where all crypto profits are taxed by 30 percent, crypto players are integrating taxation services to their platforms so that their users can compute the amount and pay the government. Indian Web3 community believes that if it shows discipline and consistency in adhering to government laws, authorities could become more responsive to their needs and offer stronger support to the growth of the sector.

In July last year, Taxnodes, a crypto taxation firm, had announced that it would offer complimentary NFTs to people paying their crypto taxes through its platform.

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Hong Kong Approves BTC and ETH Spot ETFS, Indian Web3 Community Lauds ‘Landmark’ Decision

In a rather pro-crypto move, Hong Kong has greenlit the trading of Bitcoin and Ether Spot Exchange-Traded Funds (ETFs). With this move, traders in Hong Kong will get the chance to invest in Bitcoin and Ether via traditional stock markets. This eliminates the need for traders to enter the ecosystems of crypto exchanges just to engage with assets like BTC and ETH. Following the development, several members from India’s crypto community have lauded Hong Kong’s ‘landmark’ decision.

The Hong Kong unit of Bosera Asset Management and China Asset Management have received regulatory approvals to offer Spot ETFs for BTC and ETH. The final approval was signed by the Hong Kong Securities and Futures Commission (SFC), said a report by Nikkei Asia on Monday, April 14. Spot ETFs track the current price of commodities and allow traders to get exposure to the current price of BTC without having to purchase and hold the asset.

Hong Kong is now Asia’s first region that has legitimised cryptocurrency as an officially considerable investment tool. This move will also reduce the dependency of traders on the US’ investment service offerings.

With the move, Hong Kong has become the second global location that has approved engagement with crypto ETFs for traders. In January this year, the US approved 11 BTC ETFs, marking a historic development for the crypto sector. The ETFs listed in the US had reportedly clocked $4.6 billion (roughly Rs. 38,065 crore) worth of shares trading hands within the first 24 hours itself.

As of March 31, the total inflows in BTC ETFs in the US reportedly breached the mark of $12 billion (roughly Rs. 1,04,298 crore) — indicating investors’ interest. ETH ETFs are still not approved in the US.

In India, members of the Web3 community lauded Hong Kong for setting a precedence for other Asian nations to expand experiments and trials with crypto assets.

“Chinese Real Estate and Equity markets have been under pressure since the Pandemic and haven’t recovered. The local wealth is searching for other assets to deploy as can been seen from the record gold demand from investors,” Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, told Gadgets360. “The ETF approvals will provide a new avenue for Chinese capital to explore some exposure to crypto as an asset class and bodes well for the industry in the medium term.”

Praises for Hong Kong’s decision have also been pouring on X.

In March this year, crypto investment firm Mudrex launched spot BTC ETF investment service for Indian traders. The minimum amount for people to start investing in BTC ETFs on Mudrex stands at $5,000 (roughly Rs. 4.13 lakh) whereas the maximum amount could be $250,000 (roughly Rs. 2 crore).

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US and UK Announce Partnership on AI Safety and Testing

The United States and Britain on Monday announced a new partnership on the science of artificial intelligence safety, amid growing concerns about upcoming next-generation versions.

Commerce Secretary Gina Raimondo and British Technology Secretary Michelle Donelan signed a memorandum of understanding in Washington to jointly develop advanced AI model testing, following commitments announced at an AI Safety Summit in Bletchley Park in November.

“We all know AI is the defining technology of our generation,” Raimondo said. “This partnership will accelerate both of our institutes work across the full spectrum to address the risks of our national security concerns and the concerns of our broader society.”

Britain and the United States are among countries establishing government-led AI safety institutes.

Britain said in October its institute would examine and test new types of AI, while the United States said in November it was launching its own safety institute to evaluate risks from so-called frontier AI models and is now working with 200 companies and entities.

Under the formal partnership, Britain and the United States plan to perform at least one joint testing exercise on a publicly accessible model and are considering exploring personnel exchanges between the institutes. Both are working to develop similar partnerships with other countries to promote AI safety.

“This is the first agreement of its kind anywhere in the world,” Donelan said. “AI is already an extraordinary force for good in our society, and has vast potential to tackle some of the world’s biggest challenges, but only if we are able to grip those risks.”

Generative AI – which can create text, photos and videos in response to open-ended prompts – has spurred excitement as well as fears it could make some jobs obsolete, upend elections and potentially overpower humans and catastrophic effects.

In a joint interview with Reuters Monday, Raimondo and Donelan urgent joint action was needed to address AI risks.

“Time is of the essence because the next set of models are about to be released, which will be much, much more capable,” Donelan said. “We have a focus one the areas that we are dividing and conquering and really specializing.”

Raimondo said she would raise AI issues at a meeting of the US-EU Trade and Technology Council in Belgium Thursday.

The Biden administration plans to soon announce additions to its AI team, Raimondo said. “We are pulling in the full resources of the US government.”

Both countries plan to share key information on capabilities and risks associated with AI models and systems and technical research on AI safety and security.

In October, Biden signed an executive order that aims to reduce the risks of AI. In January, the Commerce Department said it was proposing to require US cloud companies to determine whether foreign entities are accessing US data centers to train AI models.

Britain said in February it would spend more than GBP 100 million ($125.5 million or roughly Rs. 1,047 crore) to launch nine new research hubs and AI train regulators about the technology.

Raimondo said she was especially concerned about the threat of AI applied to bioterrorism or a nuclear war simulation.

“Those are the things where the consequences could be catastrophic and so we really have to have zero tolerance for some of these models being used for that capability,” she said.

© Thomson Reuters 2024

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NYC bar Association Seeks Crypto-Friendly Policy Reforms to Beat Talent Exodus

The Bar Association of New York City has noticed that certain policy reforms are required to maintain the city’s position as a lucrative hub for crypto and Web3 activities. At present, even though the US has not deployed concrete rules to govern crypto, several major companies are experimenting with digital asset spaces in order to connect with the younger generation of consumers. There are, however, certain issues which if resolved, can help the city maintain its crypto-friendly position, the Bar Association feels.

As part of its suggestion, the association has proposed to bring in laws that reduce transaction costs while maintaining security over them to benefit a wide array of businesses, including those concerning crypto and Web3. The security of financial transactions is overseen by the New York Uniform Commercial Code (UCC).

“The amendments will also help ensure New York’s leadership in commercial and financial progress and growth and will disincentivise migration of digital commerce to other jurisdictions which more clearly promote and encourage technological and commercial advances,” the city bar association said in its submission.

In its agenda, the bar association noted that it has been ten years since New York State’s UCC was last updated in 2014. Given the tech advancements that picked pace over this last decade, the association feels, policy amendments are the need of the hour.

“Eleven states have already enacted the Model UCC Amendments proposed by the Uniform Law Commission (ULC), and another 15 states and the District of Columbia have introduced bills covering the Model UCC Amendments. More states are expected to follow suit, and every time another state adopts the Model UCC Amendments, the more likely New York risks that market participants will prefer one of those states for transactions involving digital assets,” the agenda noted.

In the recent past, prominent Web3 players like Coinbase and Binance have complained of being extremely scrutinised by the Securities and Exchange Commission (SEC). On the sidelines of US’ pressure over crypto firms, several players expanded their operations abroad seeking greener pastures in terms of economic growth. The fear of losing Web3 talent to friendlier nations is something that Indian industry players are also concerned about – given that the regulations to oversee crypto are still being deployed gradually.

Meanwhile, other parts of the world like the UK and the UAE are taking brisk steps to establish their regions as hotspots for the digital assets sector.

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Crypto Trading Platform Kraken Sued by US SEC, Company CEO Denies Allegations

Kraken, the crypto trading platform based in the US, has found itself under legal scanner in the US. The Securities and Exchange Commission (SEC) of the US has sued Kraken for operating its business without having registered it officially. The next few days could be tumultuous for the international crypto sector with this probe being initiated against Kraken and with Binance CEO Changpeng Zhao admitted to having flouted US’ anti-money laundering laws this week.

In Kraken’s case, the SEC believes that the trading platform has minted millions of dollars between 2018 and 2023 — all of which classify as illegal earnings.

“The SEC alleges that Kraken intertwines the traditional services of an exchange, broker, dealer, and clearing agency without having registered any of those functions with the Commission as required by law,” said an official statement from the SEC.

The SEC is concerned that Kraken’s failure to register its operations kept its users unprotected against market risks. In addition, Kraken also kept users from market protections like inspection by the SEC and safeguards against conflicts of interest.

“We allege that Kraken made a business decision to reap hundreds of millions of dollars from investors rather than coming into compliance with the securities laws. That decision resulted in a business model rife with conflicts of interest that placed investors’ funds at risk,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement.

Meanwhile, Dave Ripley, the CEO of Kraken has denied SEC’s allegations via a post on X. Ripley also claimed that there is no clear path to register with the SEC, calling its allegations ‘factually incorrect’.

Team Kraken has also posted an official blog post stating that it strongly disagrees with the SEC and that the laws of the US are on its side.

The SEC, for now, has filed an official complaint against Kraken in a federal district court in San Francisco, US. It now seeks a remedy that would restrain other crypto players to do so. In addition, the SEC is also demanding disgorgement of ill-gotten gains plus interest along with penalties.

Founded in the US back in 2011, Kraken claims to be serving to over 10 million users from different parts of the world.

In the last day, the value of Kraken’s native Basic Attention Token (BAT) dropped by 6.40 percent. It is currently trading at the price point of 0.2034 (roughly Rs. 16.95) as per CoinMarketCap.

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US Govt Could Be World’s Largest BTC Reserve Owing to Seizures from Silk Road, Bitfinex Hack

Bitcoin holdings in the US Treasury has risen exponentially in recent years, making the US government reportedly the largest BTC reserves in the world. Owing to three big seizures from criminal cases, the US Treasury is estimated to be in possession of at least 194,188 BTC tokens. Presently, with Bitcoin trading at the price point of $28,363 (roughly Rs. 23.6 lakh), the US treasury could be holding BTC worth $5.5 billion (roughly Rs. 45,778 crore).

In the last three years, the US law enforcement agencies managed to bust three crypto-related crimes and recovered crypto in bulk. These cases include the Silk Road darknet debacle, seizure of Silk Road-related stolen BTC from American national James Zhong, and the Bitfinex hack hassle.

In an analysis, crypto firm 21.co has reportedly said that the 194,188 BTC token projected to be with the US government – could be a lower-bound estimation solely based on publicly available information. In reality, the holdings could be even larger.

The Marshals Service in the US gets to take the responsibility of selling seized property. It cannot give the government possession of seized assets immediately. Instead, the Marshals Service first needs to get a definitive forfeiture judgment from the court before handing over the assets to the government.

After regular intervals, the US courts order asset liquation, after which the government sells some portion of their BCT holdings through an auction.

The crypto culture in the US is growing, which also leads to criminal activities around these assets rising exponentially. The US SEC has been keeping an eagle’s eye over crypto firms, including Coinbase and Binance. The US government has been taking strict measures to ensure that crypto-related businesses go through rigorous documentation before blowing up on their operations. It also expects crypto businesses to identify suspicious activities and report them to the law enforcement authorities so that timely action could be attempted.

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Baidu, ByteDance, Other Chinese Firms Launch ChatGPT-Like Chatbots to Public

Five Chinese tech firms, including Baidu and SenseTime Group, on Thursday launched their artificial intelligence (AI) chatbots to the public after receiving government approval, as China’s government pushes to widen the use of such products amid competition with the United States.

Baidu, China’s leading online search provider, said in a statement that its ChatGPT-like chatbot, Ernie Bot, was now fully accessible to the public. A SenseTime spokesperson told Reuters via email that its chatbot, SenseChat, was also now “fully available to serve all users”. 

Three AI start-ups, Baichuan Intelligent Technology, Zhipu AI and MiniMax, also announced similar public launches on Thursday.

Shares in Baidu and SenseTime jumped in Hong Kong trade, gaining 2.1 percent and 2.3 percent respectively in a broader market that was trading 0.55 percent lower. 

Unlike other countries, China requires companies to submit security assessments and receive clearance before releasing mass-market AI products.

Authorities have recently accelerated efforts to support companies developing AI as the technology increasingly becomes a focus of competition with the United States.

Chinese media reported that a total of 11 firms had received approvals from the government, including TikTok owner ByteDance and Tencent Holdings. Neither company immediately responded to requests for comment about their AI plans. 

Baidu’s CEO Robin Li said on Thursday that by making Ernie Bot widely available, Baidu would “collect massive amount of valuable real-world human feedback” to further improve the chatbot. 

Baidu also plans on releasing a series of “AI-native apps”, the company said. 

Early mover advantage

It is unclear whether Alibaba has received approval as of this week. But an Alibaba Cloud spokesperson told Reuters that the company had completed filings for its AI model, Tongyi Qianwen, and that the model was awaiting its official launch. 

The person also said the company expected the regulators to release a list of companies with approvals within the coming week. 

Being the first to market in China is considered critical for the country’s cut-throat internet industry. Baidu’s Ernie Bot topped the free app category on Apple‘s App Store in China on Thursday after the announcement. 

“I think the ones that got approved have an early mover advantage to be able to fine-tune their product faster than competitors,” Kai Wang, an analyst at Morningstar.

ChatGPT-maker OpenAI, which is backed by Microsoft, is on track to generate more than $1 billion (nearly Rs. 8,270 crore) in revenue over the next 12 months, tech-focused publication The Information reported on Tuesday. 

The approvals were widely anticipated after China published a set of interim rules aimed at regulating generative AI products for the public that went into effect on August 15. 

Previously, companies were only allowed to conduct small-scale public tests of AI products but with the new rules, companies have widened their AI product tests by enabling more features and engaging in more marketing. Prior government approval is not needed for products targeting businesses.

Shawn Yang, an analyst at Blue Lotus Capital Advisors, said the government’s move to greenlight AI products could spark consolidation in the industry. 

“Many people were rushing into the large language model business,” he said, “But the industry may soon consolidate. Only those with data and tech capability will be able to push forward.”

© Thomson Reuters 2023

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OpenAI Introduces ChatGPT Version for Large Business With More Security

Artificial intelligence leader OpenAI said on Monday it is releasing a version of ChatGPT targeted to large businesses, increasing the overlap in what OpenAI and its financial backer Microsoft offer to customers.

ChatGPT Enterprise offers more security, privacy and higher-speed access to OpenAI’s technology, the company said. Early customers include Block, Carlyle and Estee Lauder Companies.

When OpenAI released the consumer-focused ChatGPT in November, it set off frenzied use of generative AI in daily tasks from writing to coding, and reached 100 million monthly active users in January.

Many people in the US have used ChatGPT to help with work-related tasks, even though their employers discourage it, a Reuters/Ipsos poll found.

With the launch of ChatGPT Enterprise, OpenAI hopes employers will feel comfortable embracing ChatGPT usage at work.

Microsoft already offers businesses access to ChatGPT via its Azure OpenAI Service, though in order to use it businesses must be a customer of Azure, Microsoft’s cloud computing platform. 

ChatGPT Enterprise subscribers need not subscribe to Azure, OpenAI said. OpenAI and Microsoft have introduced overlapping services before, and it is unclear how much the two companies are competing over customers. 

Asked whether ChatGPT Enterprise competes with Microsoft over customers, an OpenAI spokesperson said that “customers can choose which platform is right for their business.”

© Thomson Reuters 2023

Samsung launched the Galaxy Z Fold 5 and Galaxy Z Flip 5 alongside the Galaxy Tab S9 series and Galaxy Watch 6 series at its first Galaxy Unpacked event in South Korea. We discuss the company’s new devices and more on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
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US FTC to Probe Qualcomm’s Israeli Chipmaker Autotalks Aquisition Deal: Report

The US Federal Trade Commission (FTC) is expected to open an in-depth probe on Wednesday of Qualcomm’s purchase of Israeli auto-chip maker Autotalks, Politico reported on Tuesday, citing people familiar with the matter.

In May, Qualcomm had said it would acquire Israel’s Autotalks, a maker of chips used in crash-prevention technology in vehicles, but had not disclosed the terms of the deal.

Autotalks, which makes dedicated chips used in the V2X communications technology sector for manned and driverless vehicles, would help Qualcomm expand its automotive-related business.

Last week, EU regulators had also said that the US chipmaker would have to seek EU antitrust approval for the planned takeover.

The EU competition watchdog said 15 EU countries, including France, Ireland, Italy, the Netherlands, Poland, Spain and Sweden, had asked it to examine the deal.

Qualcomm, Autotalks and the FTC did not immediately respond to requests for comment.

Earlier in August, Qualcomm had projected its fourth-quarter sales below market expectations as consumer spending on gadgets like smartphones remained stubbornly weak amid slowing global economic growth.

The US chipmaker said Autotalk’s technology would be incorporated into its assisted and autonomous driving product, called Snapdragon Digital Chassis.

Qualcomm said in September last year that its automotive business “pipeline”, or potential future orders, rose by more than $10 billion (roughly Rs. 82,100 crore) to $30 billion (roughly Rs. 2,46,100 crore) since its third-quarter results were announced in late July, as automakers increasingly equip their cars with driver-assistance systems.

The company, which has credited the jump to its Snapdragon Digital Chassis product, competes with Intel’s Mobileye Global and Nvidia for that slice of the market.

© Thomson Reuters 2023

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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