Saturday, May 25, 2024
HomeLaw & PoliticsPresident Biden Orders Chinese Crypto Miner to Divest Land Near U.S. Military Base

President Biden Orders Chinese Crypto Miner to Divest Land Near U.S. Military Base

President Joe Biden has mandated that MineOne Partners, a cryptocurrency mining firm with majority Chinese ownership, divest its property situated dangerously close to a U.S. nuclear missile base in Wyoming. The directive cites significant national security concerns due to the potential for espionage.

MineOne Partners, a crypto-mining operation understood to be predominantly owned by Chinese citizens, has been directly impacted by this order. The U.S. government, led by President Biden and supported by the Treasury Department and the Committee on Foreign Investment in the United States (CFIUS), is enforcing this divestiture.

The U.S. President has ordered MineOne Partners to sell its land, located less than a mile from Francis E. Warren Air Force Base in Wyoming, a critical military site housing Minuteman III nuclear intercontinental ballistic missiles. The firm has been given 120 days to complete the sale.

The order comes amid heightened tensions and just before the Biden administration plans to increase tariffs on several Chinese imports, signaling a broader strategic posture against potential security threats. This decision was publicized following a tip from the public which led to a government review of the property transaction.

The property in question is situated near Francis E. Warren Air Force Base in Wyoming, underscoring the sensitivity due to its proximity to significant national defense assets.

The administration has expressed concerns that the proximity of the crypto-mining operation owned by foreign entities, coupled with the presence of specialized and potentially espionage-capable equipment, poses unacceptable risks to U.S. national security. This action is part of a broader effort to mitigate espionage risks near critical military installations.

The decision to force the sale was made after a review by CFIUS, which concluded that the transaction posed national security risks. The Committee, which includes representatives from multiple U.S. agencies and is led by the Treasury Department, was not initially informed about MineOne’s acquisition, pointing to a failure in oversight mechanisms that this enforcement action aims to rectify.

This development reflects growing concerns among U.S. lawmakers regarding foreign ownership of property near sensitive military sites, particularly involving Chinese entities, and underscores the critical role of CFIUS in safeguarding national security against subtle threats posed by foreign investments.

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