TikTok aside, Congress has its eye on the U.S. money going into China

"I do think Congress needs to step up and legislate an enduring solution to this problem," Mike Gallagher, chairman of the House Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party, said in a statement to CNBC this week.

"I do think Congress needs to step up and legislate an enduring solution to this problem, because otherwise, we're going to ping pong back and forth between different administrations and different executive orders, or different regulators saying different things," Mike Gallagher, chairman of the House Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party, said in a statement to CNBC this week.

Similar research detailing the links between U.S. capital, venture firms in China and Chinese tech startups has started making its rounds inwhich describes itself as a "bipartisan advocacy organization designed to fuse private sector capitalism and forward thinking leaders to address a new wave of emerging technology and security challenges facing the U.S. and its allies."

Little else about the advocacy group's background is publicly available, except for its executive director, Andrew King, who said in an interview with CNBC he solely funded the group. The Senate in July overwhelmingly passed a bill that would have required U.S. investors in advanced Chinese technology to notify the Treasury Department. While that was aaimed at restricting U.S. investments into semiconductor, quantum computing and artificial intelligence companies citing national security concerns. Treasury was tasked with implementation after a public comment period. No further details have yet been released.It's unclear whether or when those proposals will become law.

"I think the transparency element is most definitely still on the horizon," he said. "And I think that will happen. I would be surprised if that didn't happen through before the middle of the year."

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