By giving the President the power to ban websites, not just apps, it opens up a whole new can of worms.
Instead of targeting foreign adversaries directly, the law holds US (or offshore) internet hosting services and app stores responsible for any breaches in security or privacy.
This is a Trojan horse that could lead to censorship and control over what people access online.
It would be hilarious if people started using Tor to visit the site only for it to get blocked because the entire network is pretty much owned/operated by US intelligence agencies at this point. If that happens it will confirm that “free speech” is only for racism and pedophilia.