It looks as if at least one senator has just realised that a lot of voters, his voters, or, even more significantly, potential voters use TikTok, irrespective of what we might feel about its merits, and would be very unhappy to have it taken away from them. I suppose he'll get credit from both sides - for at least trying and for leaving it so late as to have no effect.
In the meantime, if the argument is that it's dangerous to have social media operating on one's country owned by companies in the jurisdiction of another, then governments here, in the rest of the world, should be considering similar bans on US-owned companies, especially here where we have GDPR. Instead what we have is all sorts of legal jiggery-pokery to pretend that it's OK to have personal data exported to a country where such protection is unknown.