Sundance from CTH has read the text of the TikTok ban law, and notes that what is in the bill is radically different than what is being reported.

If TikTok data collection was the issue, the law would be structured to ban foreign data collection. That’s not what this is. This is a law written to give the Executive Branch the power to define any platform as “foreign owned” by the service provider (even if domestic) and the substance of the content contained and/or distributed.

https://theconservativetreehouse.com/blog/2024/03/12/hr7521-the-tiktok-ban-law-as-written-is-not-about-banning-tiktok-its-about-information-control-pdf-included/

Read the text of the bill yourself here (PDF warning!)

Make no mistake, they mean to control information. This is bigger than TikTok.

--edit--

I've actually read the bill, and it doesn't do what was asserted it does.