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The proposed settlement applies to 89 million TikTok users in the U.S. whose personal data was allegedly tracked and sold to advertisers in violation of state and federal law.
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TikTok will still undergo a national security review by federal officials, but any outright ban, or pressure to sell to an American company, will not be a priority of the Biden White House.
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The Federal Trade Commission gave nine social media and tech companies 45 days to hand over details on how they collect user data. It is the latest move by government actors to regulate Big Tech.
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A federal judge put the brakes on yet another aspect of President Trump's push to ban TikTok, but uncertainty still clouds the future of the viral video app in the U.S.
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The action hardens the video-sharing app's previous enforcement against QAnon that targeted specific hashtags on the app but let the videos remain.
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The decision grants TikTok a short-term reprieve, but the wildly popular app's fate still faces an extraordinary amount of uncertainty.
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President Trump is claiming victory after blessing a deal in which Oracle and Walmart will own a stake of TikTok, but experts wonder whether the terms of the agreement will really change anything.
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Oracle says it's ready to be a "trusted technology provider" for the hit video-sharing app. A bid for TikTok's U.S. operations by tech giant Microsoft has been rejected.
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The White House has targeted the Chinese-owned app with an executive order that would effectively ban it from operating in the U.S. Lawyers for TikTok say the president's action is unconstitutional.
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The move follows a previous executive order from the president that would make "transactions" between U.S. citizens and the Chinese-owned app illegal.