Treasury Secretary Steven Mnuchin confirmed that his office received a proposal from Oracle over the weekend and added that the Treasury-led Committee on Foreign Investment would review the deal this week.
"We will be reviewing that at the CFIUS committee this week and then will be making a recommendation to the president and reviewing it with him," Mnuchin said on CNBC. "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."
Early last month, President Trump signed an executive order banning TikTok in the U.S. if the video-sharing platform's owner, ByteDance, did not announce a plan to sell by September 20.
ByteDance's decision to accept Oracle's offer came as a surprise since the cloud computing and database software company focuses on serving businesses and has no experiencing running social media platforms.
Despite the fact that Microsoft owns the LinkedIn social-media website and Xbox video game service, the Chinese-owned TikTok company rejected Microsoft's joint proposal with Walmart.
"ByteDance let us know today they would not be selling TikTok's U.S. operations to Microsoft. We are confident our proposal would have been good for TikTok's users, while protecting national security interests," Microsoft said in a statement. "To do this, we would have made significant changes to ensure the service met the highest standards for security, privacy, online safety, and combating disinformation, and we made these principles clear in our August statement. We look forward to seeing how the service evolves in these important areas."