Biden Administration Orders Divestment of Chinese-Owned Crypto Mining Facility Near US Missile Base
In a move aimed at safeguarding national security interests, President Joe Biden has issued an executive order mandating the divestment of a Chinese-owned cryptocurrency mining company’s property situated near the Francis E. Warren Air Force Base in Cheyenne, Wyoming. The order, announced by the U.S. Treasury Department, comes amidst heightened scrutiny of Chinese investments in sensitive sectors of the U.S. economy.
The targeted company, MineOne Partners Limited, acquired the property in June 2022 and subsequently repurposed it to host a crypto mining operation. The proximity of the facility to the strategic missile base raised concerns about potential surveillance and espionage activities, prompting an investigation by the Committee on Foreign Investment in the United States (CFIUS).
The findings of the investigation identified significant national security risks associated with the operation, prompting President Biden to take decisive action. The executive order requires MineOne Partners Limited, majority-owned by Chinese nationals, to divest from the property within 120 days. Additionally, the company is mandated to remove all structures and equipment from the site within 90 days.
Treasury Secretary Janet Yellen emphasized the critical role of CFIUS in safeguarding national security interests, particularly in transactions involving sensitive military installations and specialized equipment. The order underscores President Biden’s commitment to protecting the integrity of U.S. military infrastructure and technological assets.
The decision to block the Chinese-backed crypto mining firm’s ownership of land near the missile base reflects broader concerns about foreign influence in critical sectors of the economy. With tensions between the U.S. and China on the rise, regulatory scrutiny of Chinese investments has intensified, with a focus on preventing potential threats to national security.
This latest move by the Biden administration follows a bipartisan effort to address national security risks posed by Chinese-owned companies operating in the U.S. Earlier measures, including restrictions on social media platform TikTok and tariffs on Chinese imports, signal a robust response to emerging challenges in the geopolitical landscape.
The executive order highlights the importance of proactive measures to mitigate risks posed by foreign investments in strategic sectors of the economy. By enforcing divestment requirements and strengthening regulatory oversight, the U.S. aims to safeguard its national security interests and protect critical infrastructure from potential threats posed by foreign entities.