Biden Blocks China-Backed Crypto Mining Firm From Owning Land Near Air Force Base – By Marvie Basilan (IB Times) / May 14, 2024
- MineOne allegedly did not report its acquisition transaction of the property in June 2022
- The Treasury Department said the Chinese crypto firm posed national security risks
- Biden said in the order that there is ‘credible evidence’ MineOne can conduct surveillance activities
U.S. President Joe Biden has just barred a Chinese cryptocurrency mining company from owning property near the Francis E. Warren Air Force Base in Wyoming, citing national security risk concerns.
The company, MineOne, is majority-owned by the People’s Republic of China, according to a statement released Monday by the U.S. Treasury Department. The land area in question is located one mile from the strategic base, which stores Minuteman III intercontinental ballistic missile
MineOne acquired the property in June 2022 but did not file its acquisition transaction with the Committee on Foreign Investment in the United States (CFIUS) until after the committee investigated “as a result of a public tip,” the statement said. The Committee can negotiate with concerned parties, but in the case of MineOne, the CFIUS deemed that it was not possible to forge a negotiated agreement to adequately address national security risks related to the crypto mining firm’s operations, the statement noted. This conclusion led to the CFIUS referring the matter to the U.S. president.
A few months after the transaction, Biden issued an executive order to expand the existing factors the CFIUS uses to review foreign investment transactions, ensuring that the Committee can cope with evolving vulnerabilities and threats.
