Former Treasury Secretary Steven Mnuchin announced on Thursday his plans to put together an investor group to purchase the popular social media app TikTok, following the passing of a bill in the House that would ban the app in the U.S. if its Chinese owner, ByteDance, does not sell its stake. Mnuchin, who served under President Donald Trump, stated during an interview on CNBC's “Squawk Box” that he believes TikTok should be owned by U.S. businesses, emphasizing concerns about national security threats posed by the current ownership structure.

The House bill, which passed by a vote of 352-65, is now headed to the Senate for further review. If passed in the Senate, President Joe Biden has indicated he will sign it into law. Lawmakers have raised concerns that ByteDance could be compelled by Chinese authorities to hand over data on American users or spread pro-Beijing propaganda. TikTok has denied these allegations, stating that it has never shared U.S. user data with the Chinese government.

Mnuchin's efforts to buy TikTok come amidst a broader debate about social media platforms and their role in disseminating information and protecting free speech. Some Republicans, including Trump, have opposed the bill, arguing that a ban on TikTok would benefit its rival, Facebook. Democrats have expressed concerns about singling out one company and disrupting the lives of content creators who rely on the platform for income.

TikTok, which boasts more than 170 million American users, has been at the center of previous acquisition attempts, including a deal brokered by the Trump administration in 2020 that ultimately fell through. Mnuchin's current proposal to purchase TikTok highlights the ongoing tensions between the U.S. and China over technology and data security issues. As the debate continues, the future of TikTok in the U.S. remains uncertain.