It's more of an issue because it's a foreign company. For example, companies like Facebook (Meta) and Cambridge Analytica can be investigated and regulated by US agencies like the Federal Trade Commission (FTC) and the Securities and Exchange Commission (SEC). But they have no sway over TikTok's developer ByteDance because it's located outside of the US.
That's what this bill is trying to do: force ByteDance to divest.
PugJesus