HomeCryptoBiden prevents Chinese-backed cryptocurrency miner from acquiring land ownership

Biden prevents Chinese-backed cryptocurrency miner from acquiring land ownership

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Heading: President Biden Blocks Chinese-Backed Crypto Mining Firm from Owning Land Near Wyoming Nuclear Missile Base for National Security Reasons

President Joe Biden issued an order on Monday blocking a Chinese-backed cryptocurrency mining firm from owning land near a Wyoming nuclear missile base, citing national security concerns. The order requires the firm, MineOne Partners Ltd., to divest the property and remove certain equipment from the site near the Francis E. Warren Air Force Base.

This move comes as the U.S. is set to issue new tariffs on electric vehicles, semiconductors, solar equipment, and medical supplies imported from China. Both Biden and his potential Republican challenger, former President Donald Trump, have emphasized being tough on China during the ongoing election season.

The divestment order was made in coordination with the U.S. Committee on Foreign Investment in the United States (CFIUS), which has the authority to investigate corporate deals for national security concerns. The law granted CFIUS the power to review real estate transactions near sensitive sites like F.E. Warren Air Force Base.

MineOne purchased the land near the Air Force base in 2022 without reporting it to CFIUS as required. The Treasury Department cited concerns about specialized and foreign-sourced equipment on the site that could pose a national security risk.

CFIUS directed the firm to sell the property within 120 days and remove all structures and equipment within 90 days. Treasury Secretary Janet Yellen emphasized the committee’s role in ensuring that foreign investment does not undermine national security, especially regarding transactions involving sensitive military installations and specialized technologies.

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