National security alert: Biden administration blocks Chinese crypto firm near military base
Crypto News: In a significant move aimed at safeguarding national security interests, US authorities thwart Chinese crypto mining firm’s bid, MineOne Partners Ltd., from owning land near the Francis E. Warren Air Force Base in Wyoming. The order, which comes amidst escalating tensions between the United States and China, underscores the Biden administration’s commitment to scrutinizing foreign investments, particularly those with potential implications for critical infrastructure and national defense.
At the heart of the issue is the acquisition of land near the Air Force base by MineOne Partners Ltd., a company partially funded by Chinese nationals. The purchase, made in 2022 without prior notification to the U.S. Committee on Foreign Investment in the United States (CFIUS), raised red flags within the administration, prompting a thorough review of the transaction’s implications for national security.
The executive order mandates the divestment of the property operated as a cryptocurrency mining facility, effectively requiring MineOne Partners Ltd. to relinquish control over the land adjacent to the military installation. Furthermore, the order stipulates the removal of specific equipment from the site, citing concerns about foreign-sourced technology that could potentially pose espionage risks.
The decision to block MineOne’s ownership of the land near the Air Force base aligns with the broader policy stance adopted by the Biden administration towards China. In recent months, the United States has ramped up measures targeting Chinese economic interests, including the imposition of tariffs on electric vehicles, semiconductors, solar equipment, and medical supplies imported from China. These actions reflect growing concerns within the U.S. government about China’s strategic ambitions and its efforts to expand its influence in critical sectors of the global economy.
The executive order was issued in close coordination with CFIUS, the interagency committee responsible for evaluating foreign investments for potential national security implications. Treasury Secretary Janet Yellen emphasized the crucial role of CFIUS in safeguarding U.S. interests from foreign acquisitions that could compromise national security. By intervening in MineOne’s acquisition of land near the Air Force base, the committee has sent a clear signal that it will closely scrutinize transactions involving sensitive locations and technologies, especially those involving entities with ties to adversarial nations.
The timeframe outlined in the executive order underscores the urgency of the situation. MineOne Partners Ltd. has been directed to sell the property within 120 days, ensuring a swift resolution to the security concerns raised by its ownership of the land near the military installation. Additionally, the company must remove all structures and equipment from the site within 90 days, minimizing the risk of unauthorized access to sensitive military facilities or data.
The decision to block MineOne’s ownership of land near the Francis E. Warren Air Force Base reflects the Biden administration’s commitment to prioritizing national security in its approach to foreign investments. By leveraging tools such as CFIUS to assess and mitigate potential risks, the United States aims to protect critical infrastructure and preserve its technological edge in an increasingly competitive global landscape. As geopolitical tensions continue to escalate, such measures are likely to remain a cornerstone of U.S. strategy to safeguard its interests and counter emerging threats from strategic competitors like China.
