TikTok on the (congressional) clock… Last week, TikTok CEO Shou Zi Chew spent five hours being grilled by Congress to defend the app. President Biden has supported a bill that would give him the power to ban (or force a sale of) TikTok in the US, and urged Congress to pass it over national-security concerns. TikTok, the world’s fastest-growing app, has 150M+ US users. China said it would “firmly oppose” a forced sale of the app. A Tik ban would be a dream come true for Meta, Snap, and Google’s YouTube.
All's not wells… Coinbase is lacing up its gloves for a potential fight with regulators. The crypto exchange said it had received an SEC Wells notice saying that the commission is likely preparing to sue it over its coin listings and staking service. Coinbase has denied it lists securities and said it'd go to court if necessary. If this does go to court, a decision over whether cryptocurrencies are securities could force exchanges to delist some coins and reshape the crypto industry.