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STORY: The U.S. House of Representatives overwhelmingly passed a bill on Wednesday that would give TikTok's Chinese owner ByteDance about six months to divest the U.S. assets of the short-video app, or face a ban.

But the bill faces a more uncertain path in the Senate where some favor a different approach to regulating foreign-owned apps posing security concerns.

Speaking with Reuters' Lisa Bernhard, Scharf called the House move "unprecedented", noting that TikTok is more than a just company, it's an "ecosystem."

"There are billions of dollars of advertising running through it. And a lot of people's livelihoods are staked to it. And so there's going to be probably a lot of care around making sure that those livelihoods are insured following a sale."

He also discussed the FOMO that continues to drive bitcoin higher, and why drama at Dollar Tree is leading to the closure of 1,000 stores.