To authorize the Secretary of Commerce to review and prohibit certain transactions between persons in the United States and foreign adversaries, and for other purposes.
This bill never mentions TikTok by name, but it is intentionally broad enough to allow the Commerce department to outlaw all cryptocurrency transactions. Any attempt to connect to a anything that threatens the US economy, like blockchain, would be criminalized. Punishment is 20 years in jail and $250,000 fine.
HOLDING.—The term “holding”—
(A) means—
(i) an equity interest;
(ii) a stock;
(iii) a security;
(iv) a share;
(v) a partnership interest;
(vi) an interest in a limited liability company;
(vii) a membership interest; or
---> (viii) any participation, right, or other equivalent, however designated and of any character...
(1) poses an undue or unacceptable risk of—
(A) sabotage or subversion of the design, integrity, manufacturing, production, distribution, installation, operation, or maintenance of information and communications technology products and services in the United States;
(B) catastrophic effects on the security or resilience of the critical infrastructure or digital economy of the United States;...
... the President may take such action as the President considers appropriate to compel divestment of, or otherwise mitigate the risk associated with, such covered holding to the full extent the covered holding is subject to the jurisdiction of the United States, with respect to—
(A) the United States operations, assets, or property of the entity in which the covered holding is held, or of any products or services owned, controlled, designed, developed, manufactured, or supplied by the entity are used in the United States;
(B) any tangible or intangible assets, wherever located, are used to support or enable use of the product or software of the entity in the United States...
Then Section 5 goes on to list EVERY possible way anyone could access the resource that is under government ban. If the US government deems ANY hardware or software a risk, the government can ban it. This bill gives the US government at least as much control over all electronic communications as the Chinese government's Great Firewall.
https://www.congress.gov/bill/118th-congress/senate-bill/686/text
Here's a list of the people who proposed, sponsored and co-sponsored the bill:
https://www.govtrack.us/congress/bills/118/s686/cosponsors
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