In a move aimed at countering national security concerns, former United States Treasury Secretary Steve Mnuchin has unveiled his plans to rally investors in an effort to acquire the popular video-sharing app TikTok. Mnuchin's announcement comes shortly after the House of Representatives passed a bill that seeks to ban the app unless its China-based parent company ByteDance divests from its US operations.

During an appearance on the CNBC business programme Squawk Box, Mnuchin, who served under former US President Donald Trump from 2017 to 2021, expressed his intentions to assemble a group of investors to purchase TikTok. He argued that the app should be owned by US businesses, stressing that it is improbable that a US company would be permitted to own a similar platform in China.

While Mnuchin did not provide additional details about the acquisition efforts or disclose potential investors, this is not the first attempt to transfer control of TikTok to US hands. In 2020, then-President Trump supported a proposed deal that would have seen the app acquired by tech company Oracle and retailer Walmart to create a US-based enterprise.

The concerns surrounding TikTok arise from its large user base, with approximately 170 million American users. Legislators in the US have long argued that such widespread usage poses a security threat, fearing that user data might be shared with the Chinese government. The House's recent approval of the bill to potentially ban TikTok further fueled efforts to curtail the app's expansion in the country, with a significant majority of 352 votes in favor and 65 against.

The bill will now head to US President Joe Biden, a Democrat, who has expressed his intention to sign it into law if it reaches his desk. Its future in the Senate remains uncertain, as no vote has been scheduled yet.

ByteDance, the parent company of TikTok, has repeatedly dismissed national security concerns raised by the US, asserting that there is no basis for allegations regarding potential data sharing with the Chinese government. A company spokesperson denounced the passage of the bill in the House, considering it a result of unfounded concerns and emphasizing the lack of transparency in the process.

However, civil liberties groups, such as the American Civil Liberties Union (ACLU), have expressed concerns over the potential violation of freedom of expression that a TikTok ban could entail. The ACLU criticized the House's decision, stating that it would infringe upon the free speech rights of millions of Americans who use the platform for communication and staying informed on a daily basis.

As the future of TikTok in the US remains uncertain, Mnuchin's rallying of investors adds a new twist to the ongoing debate surrounding the popular app's ownership and potential national security implications.