Bitcoin
Biden Blocks China-Backed Crypto Miner From Land Ownership
WASHINGTON (AP) — President Joe Biden on Monday issued an order blocking a Chinese-backed cryptocurrency mining company from owning land near a nuclear missile base in Wyoming, calling its proximity to the base a “security risk.” national”.
The order forces divestment of properties operated as crypto mining facilities near Francis E. Warren Air Force Base. MineOne Partners Ltd., a company partially backed by Chinese nationals, and its affiliates are also required to remove certain equipment from the site.
This comes at a time when the US is scheduled for Tuesday to issue major new tariffs about Electric vehiclessemiconductors, solar equipment and medical supplies imported from China, according to a U.S. official and another person familiar with the plan.
And with election season in full swing, both Biden and his presumptive Republican opponent, former President Donald Trump, have told voters they will be tough on China, the world’s second-largest economy after the United States and an emerging geopolitical rival.
Monday’s divestment order was made in coordination with the Committee on U.S. Foreign Investment in the United States – a little-known but powerful government committee tasked with investigating corporate deals for national security reasons that hold the power to force companies to change ownership structures or completely divest in the U.S.
A 2018 law gave CFIUS authority to review real estate transactions near sensitive locations in the US, including F.E. Warren Air Force Base.
MineOne purchased the land that is one mile from the Cheyenne Air Force base in 2022 and, according to CFIUS, the purchase was not reported to the committee as required until the panel received a public complaint.
The order was vague about specific national security concerns, with the Treasury Department saying only that there were issues with “specialized, foreign-sourced equipment potentially capable of facilitating surveillance and espionage activities” that “posed a significant national security risk.” national”.
A company representative did not respond to a request for comment from The Associated Press.
Treasury Secretary Janet Yellen, who serves as chair of CFIUS, said the committee’s role is “to ensure that foreign investment does not harm our national security, especially as it relates to transactions that pose a risk to sensitive U.S. military facilities.” USA, as well as those involving specialized equipment and technologies.”
The committee is made up of members from the Departments of State, Justice, Energy and Commerce, among others, and investigates national security risks arising from foreign investments in American companies.
CFIUS advised the sale of the property within 120 days, and that within 90 days the company removed all structures and equipment from the site.