Yes, a privacy bill would do more to help, but guess it's OK when US tech companies exploit users. Also politicians can say they "saved us from the dirty Commies (or something)" during an election year.
Assuming the ban holds up to any court challenges, I assume US TikTok users will just go back to using Instagram/YouTube for amusing short videos, barring a non-Chinese TikTok imitator (or something new altogether) catching on.
Given the average person's tech skills ("what's a VPN?," "Linux/Mastodon are for nerds", "backing up files is too much work," etc.), and since convenience is valued above all else, I don't see VPNs/sideloading to watch TikTok catching on.
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