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They allege that these companies are using billions of dollars in venture capital funds to engage in anti-competitive practices like "predatory pricing" or "deep discounting" which has further distorted the playing field for mom-and-pop shops.

The deal would have several American venture capital firms, private equity funds and tech firms invest in a company that would control the app's U.S. operations, CNN reported.

Others noted that Trump’s "crypto czar," David Sacks, owns a venture capital firm that may hold stakes across crypto firms and tech companies that stand to benefit from increased crypto valuations.

In the beginning, we made the decision that we weren't going to take venture capital and we were going to try to grow through word of mouth.

The U.S. is still a major leader in the artificial intelligence sector, capturing 68% of the global venture capital funding in AI companies in the third quarter of last year, according to CB Insights.