Vipul Mishra
President Joe Biden issued an order on Monday preventing a Chinese-backed cryptocurrency mining firm from owning land close to a Wyoming nuclear missile base, citing its location as a “national security risk.”
WASHINGTON — On Monday, President Joe Biden ordered a Chinese-backed cryptocurrency mining firm to divest its land near a Wyoming nuclear missile base, labeling its proximity a “national security risk.”
The order mandates the divestment of a crypto mining property near the Francis E. Warren Air Force Base. MineOne Partners Ltd., a firm partly backed by Chinese nationals, and its affiliates must also remove specific equipment from the site.
This decision coincides with the U.S. planning to impose new tariffs on electric vehicles, semiconductors, solar equipment, and medical supplies from China, according to a U.S. official and another source familiar with the plan.
As election season heats up, both Biden and his likely Republican challenger, former President Donald Trump, have assured voters they will take a tough stance on China, the world’s second-largest economy and a growing geopolitical rival.
The divestment order was issued in coordination with the U.S. Committee on Foreign Investment in the United States (CFIUS) — a powerful yet little-known committee that reviews corporate deals for national security concerns and can force companies to change ownership or divest from the U.S.
A 2018 law empowered CFIUS to review real estate transactions near sensitive U.S. sites, including F.E. Warren Air Force Base.
MineOne purchased the land within one mile of the Air Force base in Cheyenne in 2022. According to CFIUS, the purchase was not reported to the committee as required, until after the panel received a public tip.
The order was vague on specific national security concerns. The Treasury Department mentioned issues with “specialized and foreign-sourced equipment potentially capable of facilitating surveillance and espionage activities” posing a significant national security risk.
A representative from the firm did not respond to an Associated Press request for comment.
Treasury Secretary Janet Yellen, chairperson of CFIUS, stated the committee’s role is “to ensure that foreign investment does not undermine our national security, particularly concerning transactions posing risks to sensitive U.S. military installations and involving specialized equipment and technologies.”
The committee includes members from the State, Justice, Energy, and Commerce Departments, among others, and investigates national security risks from foreign investments in American firms.
CFIUS directed the sale of the property within 120 days and required the company to remove all structures and equipment from the site within 90 days.