I think there could be some reasonable guardrails. For one, its servers could be fully hosted in the US (if it's not already the case today), and it could be subjugated to US laws and regulations that require user information be protected. Its data infrastructure and code could be audited and if found breaching such laws it could be punished accordingly.

On a side note, neither Google or Facebook could comply with the Chinese law that require their servers to be hosted inside China. But I'm not saying that justifies TikTok's business in the US either.