S. 347 — Averting the National Threat of Internet Surveillance, Oppressive Censorship and Influence, and Algorithmic Learning by the Chinese Communist Party Act

This bill requires the President to impose property-blocking sanctions on TikTok, its parent company ByteDance Ltd., and larger social media companies with ties to certain foreign countries. Specifically, the sanctions shall apply if the relevant property interests are (1) in the United States; or (2) in the possession or control of a U.S. person, if blocking the transaction is necessary to prevent the company's commercial operation in the United States. These sanctions shall also apply to larger social media companies involved with countries or persons (entities or individuals) of concern, generally defined as any foreign government or person engaged in activities adverse to U.S. security...