Biden’s Directive: Halting Chinese-Backed Crypto Mining Near Wyoming Missile Base
Impact of Biden’s Order: Chinese-Backed Crypto Mining Firm Blocked Near Wyoming Missile Base
Credit: Barchart.com
14.05.2024: President Joe Biden recently issued a significant order barring a Chinese-backed cryptocurrency mining firm from owning land near the Francis E. Warren Air Force Base in Wyoming, citing national security risks. The firm, MineOne Partners Ltd., partially backed by Chinese nationals, must divest the property housing a crypto mining facility and remove specified equipment from the site.
The decision aligns with heightened scrutiny on Chinese investments and trade policies. On a parallel track, new tariffs on various Chinese imports, including electric vehicles, semiconductors, solar equipment, and medical supplies, are set to be implemented, reflecting a broader stance on economic relations with China.
The divestment order, made in collaboration with the U.S. Committee on Foreign Investment in the United States (CFIUS), underscores the government’s vigilance in safeguarding sensitive locations like F.E. Warren Air Force Base. This move comes under a 2018 law empowering CFIUS to assess real estate transactions near critical sites across the country.
MineOne’s purchase of land near the Air Force base raised concerns after delayed reporting to CFIUS, prompting the intervention. The order cited potential national security risks related to specialized foreign equipment that could facilitate surveillance and espionage activities.
While MineOne has not commented on the matter, this development reflects ongoing efforts to regulate foreign investments, particularly those perceived as posing national security threats. Biden’s administration continues to prioritize robust oversight and protection of vital assets in strategic locations.