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Vladimir Putin’s Next Presidential Term Will Depend on Blockchain-Powered Constitutional Amendment Voting

Russia’s upcoming e-voting on Vladimir Putin’s Constitutional amendments will be implemented using blockchain technology.

Citizens in Moscow will be able to cast their votes online using blockchain-powered e-voting, according to the Moscow government’s official website. Starting on June 5, Moscow citizens can sign up for the upcoming voting scheduled from June 25 to June 30.

By implementing blockchain technology for the voting process, it ensures security and transparency and will help to anonymize and encrypt each vote which provides the immutability of the data.

The Russian voting blockchain network will not have a single server, which ensures that the chain is “almost impossible to hack.”

According to the announcement, “Such a network does not have a single server: in order to change the information regarding bulletins, it is necessary to obtain the approval of most network participants, so the chain is almost impossible to hack. The vote itself is anonymized and encrypted.”

The Constitutional amendments proposal aims to allow Putin to serve an additional two six-year terms, as introduced in January 2020. Putin has been serving in office in his posts as the prime minister or President since 1999, and if Russian voters vote against him, he will be leaving his post as President in 2024.

Changpeng Zhao (CZ), the CEO of Binance previously mentioned that the Russian President, Vladimir Putin, could be the most influential person in the crypto space.

Shortly after, China’s President Xi Jinping publicly endorsed blockchain. He mentioned that he believes that regulations have a significant impact on cryptocurrency adoption. “I strongly and fully believe that the more favorable they are to the blockchain industry, the better the country will develop this market and increase the likelihood of becoming the leaders of the financial world tomorrow.”

Russia sees surge in Bitcoin popularity

A recent study noted that Bitcoin trading and exchange volumes have been surging in the country’s local exchanges, amid the COVID-19 pandemic. With the lack of income due to self-isolation and business operations coming to a halt, analysts believe traders and new investors are looking at cryptocurrencies.

Former US Head of Treasury Lawrence Summers Backs Cryptocurrency

In an interview between CEO of the digital currency company Circle —Jeremy Allaire and Former US head of Treasury Lawrence Summers, the latter advocated for cryptocurrency’s benefits.

He stated that what appeals to him about cryptocurrency is that it reduces payment friction. In other words, cryptocurrency increases the speed of transactions and eliminates a third-person mediator.

A little about Laurence Summers

Laurence Summers was originally the head of the US Treasury, under President Clinton. He was also the former director of the National Economic Council under Obama’s presidency.

Similarly to President Donald Trump, Summers is not entirely sold on the concept of cryptocurrency. However, he does recognize that it has its benefits.

While he recognizes cryptocurrency’s financial benefits— elimination of transaction fees and facility of use, he clarified that he does not necessarily condone the extreme implications revolving around crypto as the world’s predominant digital asset.

Benefits of switching to crypto

In his interview, Summers talked about how he is charged a transactional fee when he wants to send money to his son, who studies abroad. In his opinion, this is ineffective and could be prevented if one were to resort to using cryptocurrency. The friction that amounts from using traditional methods of payment could be improved with crypto:

“I think the case for all of this innovation will lie in the fact that there is a ridiculous degree of friction in today’s world around doing quite complex things. […] The friction isn’t just coming from the greed of the middlemen — although there is greed among the middlepeople. It’s coming from the various difficulties and challenges associated with mutual trust.”

Central bank digital currencies in the modern world

It appears as if the world will progress to adopting cryptocurrency worldwide faster than we realize.

Christopher Giancarlo, the former member of the Commodity Futures Trading Commission for President Donald Trump, finds the adoption and development of central bank digital currencies (CBDC) inevitable.

Giancarlo argues that young people everywhere and even citizens in rural communities are very comfortable with digital devices. If broadband and mobile access were more available, CBDC would be the most effective way to onramp millions of the unbanked into mainstream banking services.

How Trump feels about CBDC

Trump has, on several occasions, voiced his opinions concerning cryptocurrencies. In one of his infamous Twitter threads, he tweeted that he was not a fan of Bitcoin and other cryptocurrencies, which for him “are not money.” He has stoically said that the US dollar is essential to global trade and he will do everything in his power to maintain the status quo.

Brock Pierce For President, Crypto Venture Capitalist Announces Candidacy

Brock Pierce, the crypto venture capitalist, and former child star, has announced that he will be joining the presidential race in the 2020 US elections.

On July 5, Brock Pierce the entrepreneur and crypto venture capitalist announced his candidacy for President of the United States, running as an Independent in the November 3, 2020, Presidential election.

Pierce made the announcement himself through Twitter, stating, “I, Brock Pierce, am running for President of the United States of America.”

Brock Pierce is an entrepreneur and venture capitalist with a proven track record of founding disruptive businesses. He’s been credited with pioneering the market for digital currency and has raised more than $5 billion for companies he has founded. Pierce is the Chairman of the Bitcoin Foundation and co-founder of EOS Alliance, Blockchain Capital, Tether, and Mastercoin (first ICO).

“I’ve spent my life creating great things from nothing and I can help others do the same,” Pierce said. “Entrepreneurs are essential to the rebuilding of this nation that we love, and I’m running in this race because I know that together we can help build a pathway towards the rebirth of the America we love so much.”

Pierce was born and raised in Minnesota, was a child actor who became an entrepreneur at a very early age, then later became a well-recognized figure in technology and cryptocurrency. A staunch supporter of entrepreneurs and small businesses, he understands what it takes to build a business from the ground up.

Could Brock Pierce's Presidential Campaign Damage the Crypto Industry? Tether's Legal Troubles Resume

Brock Pierce’s run for President of the United States may have come at the wrong time, as the New York Supreme Court today ruled that Bitfinex and Tether must face up to allegations that they concealed the loss of commingled corporate and client funds amounting to over $850 million.

Brock Pierce, who is running for President as an independent on a pro-blockchain platform, is a well-known crypto venture capitalist and the creator of Tether. While no formal accusations of wrongdoing or fraud have been put forward against the crypto entrepreneur, in light of the ruling to face up to the ongoing claims that have been plaguing the stablecoin— it could be argued that Pierce may not be the best ambassador to bring legitimacy to cryptocurrency at this time.

Unlike Bitcoin and other cryptocurrencies, Tether was the first stablecoin which was reported to be backed one-to-one by real US dollars. Pierce helped create the stablecoin to allow more consumer access to the cryptocurrency market because unlike traditional dollars, it can be moved instantly while attempting to cash out a cryptocurrency, while using the traditional banking services can take days—if the banks support the service at all.

The Troubled Tale of Tether

The New York Supreme Court has found that one of the original cryptocurrency exchanges Bitfinex and its related stablecoin company Tether must face up to claims that they deliberately concealed the loss of $850 million in commingled corporate and client funds.

New York prosecutors have alleged that in April 2019—Bitfinex lost $850 million in client and corporate funds, and then used money from its affiliated stablecoin Tether, of which Pierce is the creator, to cover the $850 million in losses.

At the time New York Attorney General Letitia James, who brought the case to light, stated: “Our investigation has determined that the operators of the ‘Bitfinex’ trading platform, who also control the ‘tether’ virtual currency, have engaged in a cover-up to hide the apparent loss of $850 million dollars of co-mingled client and corporate funds. New York state has led the way in requiring virtual currency businesses to operate according to the law. And we will continue to stand up for investors and seek justice on their behalf when misled or cheated by any of these companies.”

IFinex, the company behind Bitfinex and Tether previously appealed to the court regarding fraud and taking funds from Tether to cover up the $850 million loss of funds resulting in the misled of information towards the investors in the state of New York. The NYAG argued that it was too early for the court to address jurisdictional questions during an ongoing investigation.

The New York State Supreme Court denied IFinex’s motion to dismiss the NYAG’s lawsuit that would prosecute Bitfinex under the Martin Act. The court decided that it has jurisdiction to rule over the case.

Bitfinex continues to assert that its funds were deposited with a Panamanian firm called Crypto Capital, and that the funds were seized by government authorities in various countries. The firm claims it has been working to recover the funds allegedly seized by the Portuguese, Polish and American governments.

The attorney general alleges a different version of events, one where Bitfinex handed over $850 million to third-party payments processor Crypto Capital to handle its customers-withdrawal requests. When the company failed to hold up its end of the bargain the attorney general believes the respondents tried to hide the losses—which leads to the allegation that new Tether stablecoins were created without any backing.

What about Brock Pierce?

So what does all this mean for Brock Pierce’s presidential campaign? Well, so far, he has not been mentioned in the court’s opinion—but is he really the man to bring legitimacy to the blockchain and cryptocurrency sector on a national scale with this investigation hanging over his creation?

Additionally, while Pierce is unlikely to win as he is not associated with either of the two major US political parties, his involvement with the first stablecoin Tether may be seen as a conflict of interest to the US Government’s development of a digital dollar—which would be a US dollar stablecoin completely backed by the Federal Reserve.

Should Pierce’s campaign show any signs of progress, the attacks he would receive from both major parties and Bitcoin-hating President Donald Trump could further damage the public reputation of Bitcoin and Crypto—which has unfortunately been viewed by many as simply a means to pay for illegal activities and products.

Regardless of progress, as the Supreme Court’s investigation into Tether heats up, Pierce will most likely be brought in for public questioning which would again muddy his name to the US public who are largely unaware of Tether and Bitfinex’s rocky path through the crypto sphere.

Brock Pierce Served for Securities Fraud in Connection with His Blockchain Company Block.one During Electoral Campaign

Presidential hopeful Brock Pierce was served a court summons during his presidential campaign in front of his new headquarters in New York City today. US attorney James Koutoulas uploaded a video of when the class action caught Pierce by surprise.

During a presidential campaign run that marked the opening of his New York City headquarters, Block.one co-founder Pierce was served by James Koutoulas’ legal team with a class-action lawsuit against the blockchain company. Koutoulas, the CEO of Typhon Capital Management and the lead attorney in the legal case against Pierce and his colleagues, uploaded a video of the exact moment the Block.one co-founder was hit with the suit at the presidential rally. He tweeted:

“Our team served Brock Pierce for securities fraud at his rally in NYC. Pro tip – when you’re trying to avoid getting served for a multi B fraud case, maybe lay off outlandish presidential campaigns.”

Brock Pierce, a venture capitalist entrepreneur that had helped co-found a number of blockchain and crypto projects, such as Tether, Block.one, and Blockchain Capital was caught off-guard during his presidential rally. He was charged due to a securities fraud class action suit directed against his company, Block.one.

Block.one served a second time

Back in September 2019, the US Securities and Exchange Commission (SEC) had slapped a $24 million fine at blockchain company Block.one for conducting an unregistered initial coin offering (ICO) hosting EOS digital tokens in 2019. The ICO was estimated to be worth $4 billion. The blockchain company had agreed to settle the charges and pay the civil penalty, following the SEC’s sanctions.

However, the US Securities and Exchange Commission hit Pierce along with his other co-founders Daniel Larimer, Brendan Blumer, and Ian Grigg a second time with a class action complaint in relation to violations of the Federal Securities Law this May. The official legal notice served during Pierce’s presidential rally was filed on behalf of all investors that had bought EOS tokens or received them from June 2017 to the time of writing. It read:

“This action is brought on behalf of all investors who purchased securities issued by Block.one called ‘EOS Tokens’ (the ‘EOS Securities’) during the period of June 26, 2017, to the present (the ‘Class Period’).”

Led by Crypto Assets Opportunity Fund LLC, Johnny Hong in May, and brought upon by Koutoulas’ legal team recently, the document stipulated:

“This case arises out of a fraudulent scheme, fueled by a global frenzy over cryptocurrencies and unchecked human greed, to raise billions of dollars through sales of a cryptocurrency called EOS – an unregistered security – to investors in violation of the United States federal securities laws.”

Brock Pierce –what his candidacy means for tech and crypto

This comes at a crucial moment for the Tether co-founder. Brock Pierce had announced his plans to join the presidential race on a last-minute notice on July 5. Known to be a blockchain pioneer, a venture capitalist entrepreneur, and a firm crypto and technology advocate, Pierce’s plans to join the presidential run may mean significant things for the industry. With a proven track record for building businesses from the ground up, Pierce had previously publicly disclosed:

“I’ve spent my life creating great things from nothing and I can help others do the same. Entrepreneurs are essential to the rebuilding of this nation that we love, and I’m running in this race because I know that together we can help build a pathway towards the rebirth of the America we love so much.”

Trouble in crypto paradise

On top of his active involvement in the tech industry, Pierce had also been known for creating Tether, the first stablecoin that is backed one-to-one with USD.

However, in July, the New York Supreme Court had found that Tether stablecoin empire, along with coin exchange Bitfinex were alleged to have colluded in concealing the loss of corporate and client funds estimated to be over $850 million worth. In the federal court’s ruling, Brock Pierce was not mentioned.

However, in light of the crypto venture capitalist being served during his presidential rally earlier today, Brock Pierce’s name will most likely go through public scrutiny and criticism, as the presidential election is looming close. The US elections are currently set for November 3, 2020.

Oracle Confirms Partnership with TikTok, President Trump Still Needs to Approve Deal

Oracle, the tech company that was said to have acquired TikTok’s US operations, has finally commented on the partnership and confirmed it.

Just yesterday, Oracle publicly stated that it has indeed struck a deal with TikTok’s parent company, ByteDance. The Chinese company had been subject to a lot of backlash from the Trump administration. Previously, US President Donald Trump has decreed that it wanted TikTok services to be banned from the country by September 15, under allegations that the popular video content app was used as a tool by the Chinese government to spy on American users. Trump had publicly condemned TikTok, saying that it illicitly collected personal data of over 80 million Americans. In a heated moment, Trump had said:

“As far as TikTok is concerned, we’re banning them from the United States.”

Trump administration comments on the deal

Despite all, multinational computer tech company Oracle tech firm had managed to nab the US operations of TikTok, overtaking Microsoft’s initial plans to make a move on the trendy video-sharing platform. Though the partnership with ByteDance has been secured and confirmed, Oracle, along with TikTok, still require the US government’s approval before moving forward. Addressing the deal, US Secretary of the Treasury Department Steve Mnuchin had disclosed to CNBC:

“I will just say that from our standpoint, we’ll need to make sure that the code is, one, secure, Americans’ data is secure, that the phones are secure and we’ll be looking to have discussions with Oracle over the next few days with our technical teams.”

Microsoft leaves, Walmart wants to stay

Microsoft had previously tried to secure TikTok US operations, along with Walmart’s help; however, ByteDance seemed to be more satisfied with Oracle as a tech partner. While Microsoft has withdrawn its offer, Walmart has been reported to still be interested in investing in TikTok.

With Oracle’s collaboration, the billion-dollar video content platform will most likely go through a restructuring, in order to offer better security and privacy protection.

Will Oracle be able to appease President Trump?

Furthermore, better data protection will be essential in appeasing President Trump’s fears of privacy breaches, especially with the United States being currently entangled in a cold tech war with China and the presidential elections approaching.

To offer more security, blockchain is a viable solution for TikTok. There are indications that parent company ByteDance is already familiar with the industry, as reported by Blockchain.news last December. ByteDance had been reported to have taken an interest in blockchain, as it had started investing in the decentralized ledger technology along with other Chinese companies.

Will blockchain solve TikTok’s privacy issues?

If blockchain was implemented on TikTok, this could secure the data of millions of users, and offer scalability solutions. Also, privacy breaches would be prevented with blockchain.

Checkpoint Research had published a list of things at the beginning of the year that detailed the issues that needed to be fixed on TikTok’s part. The vulnerabilities included hacking of TikTok user accounts and manipulating content; deleting videos; uploading unauthorized videos; making private ‘hidden’ videos public, and revealing personal information saved on the account such as private email addresses.

Currently, regulatory approval is awaited from the Trump administration for the Oracle-ByteDance deal, and Congress is expected to reach a conclusion sometime this week.

What Does Oracle's TikTok Deal Mean for the US? ByteDance Confident President Trump Will Approve Deal

TikTok’s parent company, ByteDance, is confident that its deal with Oracle tech giant for TikTok’s US operations will be approved by both Chinese and American regulators.

Oracle secures TikTok

The deal for TikTok US operations was confirmed by Oracle this week and in order for the video-sharing app to remain active in the United States, it still needs to pass approval from the Trump administration. A set decision is rumored to be rolled out by the end of the week.

TikTok, previously shunned by US President Trump who accused the video-sharing company of illegitimate data collection and security breaches that harmed American users, appears to now have found a way to remain operational in the US. Previously under Microsoft’s bucket list for things to buy, it has been swept up by Oracle tech company.

ByteDance refuses to sell its TikTok algorithms

The recent development is that Walmart may also have a stake in the tech company, along with other American investors. However, the proposal dictates that most of TikTok’s shares will still be owned by parent company ByteDance.

Furthermore, it has been disclosed that ByteDance is unwilling to sell the prized algorithms behind the video content sharing app and cede ownership of them to Oracle tech company. After all, the social media app gained so much popularity worldwide that it has grown to be a direct challenger of other tech giants, such as Facebook and Google.

So what does acquiring TikTok shares mean for Oracle?

Under the new partnership, Oracle’s ruling power will extend to software review and monitoring of TikTok US services. It will be able to analyze the source code behind TikTok’s digital network. However, as shared by Bloomberg, ByteDance will still hold the proprietary rights of TikTok, despite American investors owning partial TikTok equities.

The green light has yet to be given by the Trump administration. Previously, President Trump had said that the app was a national security threat and a means that the Chinese government used to spy on the US. Trump had vehemently stipulated on many counts that he wanted TikTok banned from the US and that he did not want the platform’s Chinese parent company, ByteDance to retain majority control. Addressing the issue, US Secretary of the Treasury Department, Steven Mnuchin had said on behalf of the US government:

“I will just say that we’ll need to make sure that the code is secure, Americans’ data is secure, that the phones are secure and we’ll be looking to have discussions with Oracle over the next few days with our technical teams.”

China likely to okay the deal, under one condition

ByteDance and Oracle are currently awaiting approval from Chinese and US regulators. ByteDance is confident that China will approve the deal. An inside source that is familiar with the talks had disclosed that Beijing “is likely to greenlight the deal as long as it doesn’t involve the transfer of the artificial intelligence algorithms that drive Tiktok’s service.

Furthermore, they added that that needs to remain true even if ByteDance parent company were to cede majority control of TikTok over to American investors.

How can Oracle and ByteDance gain Trump’s approval?

As for Donald Trump, it appears that the US President will only be appeased if his fears of Chinese spyware were attenuated. On top of it, as mentioned by Bloomberg, the United States president will likely want US companies to retain majority control of TikTok, instead of ByteDance.

In order to provide security and dispel data breaching threats, blockchain technology could be an interesting alternative for TikTok to explore. It has been disclosed that ByteDance had strongly invested in blockchain technology, along with other Chinese companies in the past.

TikTok can benefit from blockchain technology

Blockchain technology may be a viable solution for TikTok to adopt so that the protection and security of the personal information of millions of influencers and content creators leveraging the app are ensured. Furthermore, the adoption of a decentralized ledger technology by TikTok can be beneficial to entertainers who are paid for the videos and content they upload onto social media.

Currently, the Oracle-ByteDance deal is awaiting the Trump administration’s seal of approval, as well as the okay from Chinese regulators. A decision is to be made by the end of this week.

President Donald Trump Approves Oracle Deal, Ban Averted for TikTok but not WeChat

President Donald Trump approved the TikTok deal that Oracle and Chinese parent company ByteDance have been working on all week, steering the video-sharing platform clear from its scheduled app store ban set for September 20.

The US Department of Commerce had announced that both WeChat and TikTok would be prohibited from operating in the US through an official country-wide app store ban, starting September 20. Though TikTok US operations appear to be saved for now, WeChat’s ban is still in effect and the messaging app is currently unavailable for download in the US.

Donald Trump approves Oracle-TikTok deal

The approval of TikTok by President Trump came at a campaign rally in Fayetteville, North Carolina. The new company that was birthed from the negotiations will be called TikTok Global and will be owned predominantly by American companies. Oracle is to take a 12.5% stake in TikTok Global, while Walmart will potentially own up to 7.5% of company shares.

On top of the fact that four of the five board chairmen will be American, TikTok Global has also agreed to invest $5 billion into creating a new educational fund, an agreement that Trump had said would satisfy his demands that the US government receive a payment from the Oracle-ByteDance deal. As shared by CNBC and Bloomberg, Trump said:

“We’re going to be setting up a very large fund for the education of American youth and that’ll be great. That’s the contribution I’ve been asking for.”

Oracle and Walmart to have stakes in TikTok

According to a source familiar with the talks, ByteDance is looking for a total of $60 billion for the video content app. For the deal to go through, Oracle and Walmart are to pay a combined $12 billion to acquire their shares in TikTok Global. Discussions for the asking price are still being worked out at the time of writing.

Although TikTok’s parent company ByteDance seemed extremely confident that Chinese regulators would pass the proposal and that it will still have the upper hand, with it retaining the majority of the app’s assets and having control over the algorithms, President Trump appeared to think otherwise. He said:

“It will have nothing to do with China, it’ll be totally secure, that’ll be part of the deal. All of the control is Walmart and Oracle, two great American companies.”

Speaking about the deal for TikTok, US Secretary of State Michael Pompeo said that the app’s China-based parent company ByteDance will have “no decision-making authority, no ability to peer into” the US company’s activities, and will just act as a “passive shareholder,” as shared by Bloomberg.

During his rally, President Trump spoke about the deal for Oracle to acquire US operations of TikTok and said: “I approve the deal in concept. If they get it done, that’s great. If they don’t, that’s OK too.” Adding on to the president’s public announcement, TikTok also released an official statement, stipulating Trump’s wishes:

“We are pleased that the proposal by TikTok, Oracle, and Walmart will resolve the security concerns of the US administration and settle questions around TikTok’s future in the US.”

The new company birthed from Oracle and ByteDance’s agreement will host an initial public offering in which future investors would be able to take up as much as a 20% stake in the company. Walmart, Oracle, and TikTok are still currently working on perfecting their partnership agreements.

What is Oracle’s role in TikTok Global?

Oracle’s role in TikTok Global will be to host all US data and to secure the computer systems. The data from TikTok will be run through Oracle’s cloud servers and this will enable security threats to be dealt with systematically, securing American users’ data and preventing foreign governments from spying on TikTok’s US operations. Speaking about the tech giant’s role in the TikTok deal, CEO of Oracle Safra Catz said:

“Oracle will quickly deploy, rapidly scale, and operate TikTok systems in the Oracle Cloud. We are a 100% confident in our ability to deliver a highly secure environment to TikTok and ensure data privacy to TikTok’s American users.”

Trump sees China as a threat to national security

Trump’s seal of approval for the Oracle-TikTok deal comes at a crucial time, with the presidential elections set for November 3 and the current president trailing behind his counter rival Joe Biden in votes. The President of the United States has used his stance regarding China as a winning point for his campaign.

Trump has alleged that China had been illicitly deploying spyware directed at the US, through applications such as Tiktok and WeChat. Over the weekend, the US Commerce of Department had decreed that as of September 20 for WeChat and November 12 for TikTok, the Chinese-based applications will be prohibited on American soil. “Any provision of content delivering network services enabling the functioning of the mobile application in the US is prohibited,” the statement read.

WeChat downloads prohibited starting Sunday

While TikTok’s ban seems to have been temporarily lifted with the Trump administration’s approval, WeChat’s prohibition appears to be ongoing. Accusations directed towards WeChat are similar to that of TikTok. The Chinese-based messaging and multi-purpose platform has been accused of collecting data form users that involve their network activity, location data, browsing history and more.

The US is not the only country that has moved to ban TikTok and WeChat operations. India has already banned both China-based social media applications, referencing that it poses national security concerns.

US Judge Blocks Trump Administration’s Ban on TikTok Downloads

A federal US judge granted an injunction request against the Trump Administration’s order to ban TikTok downloads, temporarily saving the app from being permanently removed from all US app stores.

TikTok ban in the US temporarily averted

During a virtual court hearing, the legal team behind TikTok argued that President Trump’s shutdown of the video-sharing app was an infringement on freedom of speech; TikTok filed an injunction, which was granted by the judge of the United States District Court for the District of Columbia, Carl Nichols. Though the judge temporarily blocked the ban, a broader ban set for November 12 has not yet been dispelled.

In an official statement, TikTok said that it was pleased that the court agreed with them. It also disclosed that it was actively working on reaching an agreement with the Trump administration to keep TikTok operations within the US afloat.

On its end, the US Department of Commerce said, “The Government will comply with the injunction and has taken immediate steps to do so, but intends to vigorously defend the E.O (Executive Order) and the Secretary’s implementation efforts from legal challenges.”

ByteDance, Oracle and Walmart – TikTok goes the decision clock

The deal for TikTok US operations is still currently in the works. Initially, the Department of Commerce had announced that starting September 20, TikTok would no longer be available for download in US app stores. However, with Oracle and Walmart stepping in and actively working with TikTok’s parent company ByteDance to save TikTok operations within the US, the ban was temporarily delayed until September 27.

The terms of the deal to create a new company by the name of TikTok Global are still being worked out, as both American and Chinese entities have not reached an agreement. So far, what is known is that TikTok Global will be co-owned by ByteDance, Oracle, and Walmart. However, the firms have remained divided on the ownership structure of the newly birthed video-sharing company.

The Chinese parent company of TikTok, ByteDance, has said that it intends to keep an 80% ownership stake of TikTok Global. Displeased with the proposal, Oracle had contested it, expressing that ByteDance will not have any ownership in TikTok Global.

US calls TikTok a threat for national security

The Trump administration has been adamant in making TikTok within the United States majorly American owned, with talks that four out of five of the board members should be American entities. The US legislative department has maintained that TikTok posed a national security threat to Americans if it was to remain under ByteDance’s umbrella, as user data could be sent back to China.

Per the announcement shared with CNBC, US lawyers said:

“ByteDance has significant and close ties to the CCP (Chinese Communist Party) which could potentially be leveraged to further their agenda and exact pressure on ByteDance.”

For TikTok’s deal to obtain the Trump administration’s seal of approval, TikTok will have to provide substantial proof that the code was secure and that American users data will not be leaked to the Chinese government, as it has previously been reported to have collected information from millions of mobile devices. ByteDance has however previously said that it will not give up or disclose its TikTok algorithm to Oracle.

President Trump Ends COVID-19 Stimulus Negotiations, Bitcoin Price Plummets

President Donald Trump has decided to delay negotiations regarding a second coronavirus stimulus package until after the 2020 presidential elections.

Second Round of Stimulus Package Postponed

The announcement comes at a crucial time, with the US presidential elections approaching and set for November 3. President Trump, currently recouping from having contracted coronavirus himself, took to his Twitter today and said:

“We made a very generous offer of $1.6 Trillion Dollars and, as usual, she (Nancy Pelosi) is not negotiating in good faith […] I have instructed my representatives to stop negotiating until after the election when immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business.”

As shared by CNBC, the president of the United States appears to have contradicted himself, after having urged both Democratic and Republican parties to conclude a deal for a stimulus package roll out three days ago. COVID-19 stimulus negotiations have been ongoing for months, with the US economy flailing and millions of Americans suffering from unemployment due to the coronavirus pandemic.

Though House Speaker Nancy Pelosi and US Secretary of the Treasury Steven Mnuchin have been in talks for months in an attempt to agree on a stimulus package price, it has been reported that Trump has not been implicated in them.

Bitcoin Price Goes Down

Shortly after his tweet, President Trump’s announcement appears to have triggered a downtrend on the stock market, with the Dow Jones Industrial Average down by 1.3%.

With crypto markets surging in tandem with mainstream markets, Bitcoin’s price also fell by 1.6% in the last 24 hours. It is currently trading at around $10,592.64 as of press time, dropping by approximately $200.

Bitcoin’s drop suggests that it is still surging in tandem with traditional markets. It has previously been speculated by market analysts that it would take a couple of years before Bitcoin completely decoupled from traditional markets, perhaps because fiat currencies in particular the US dollar, remains the benchmark and reference of value for cryptocurrencies.

Traders have been anticipating the stimulus deal agreement on both political sides, as many businesses have struggled to stay afloat amid the coronavirus pandemic. However, ending the stimulus talks appears to have dried up the liquidity supporting the markets.