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Biden Orders Chinese-Backed Cryptocurrency Mining Firm to Divest Land Near U.S. Nuclear Missile Base
Who let them buy it to begin with?
(DoD News photo by EJ Hersom)
President Joe Biden issued an order on Monday directing a Chinese-backed cryptocurrency mining firm to divest its ownership of land near a Wyoming nuclear missile base, citing concerns over national security.
The order mandates the divestment of property operated as a crypto mining facility near the Francis E. Warren Air Force Base and requires MineOne Partners Ltd., partially backed by Chinese nationals, and its affiliates to remove specific equipment from the site. This action coincides with the U.S.'s plans to impose significant new tariffs on various imports from China, amidst escalating tensions between the two nations. As election season unfolds, both Biden and his presumptive Republican rival, former President Donald Trump, have emphasized their commitment to taking a tough stance on China, a major global economic power and emerging geopolitical rival to the United States.
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The divestment order, issued on Monday, was executed in collaboration with the U.S. Committee on Foreign Investment in the United States (CFIUS), a government body tasked with scrutinizing corporate transactions for potential national security risks and empowered to compel companies to alter their ownership structures or completely divest from U.S. holdings. Under a 2018 law, CFIUS gained authority to review real estate transactions near sensitive sites across the nation, including F.E. Warren Air Force Base. MineOne’s acquisition of land within a one-mile radius of the Air Force base in Cheyenne in 2022 raised concerns, especially since the purchase was not reported to CFIUS until after the committee received a public tip.
The order cited unspecified national security concerns, with the Treasury Department highlighting issues related to “specialized and foreign-sourced equipment potentially capable of facilitating surveillance and espionage activities,” deeming them a significant risk to national security. Despite requests for comment, a representative from MineOne did not respond to inquiries from the Associated Press.
Treasury Secretary Janet Yellen, who chairs CFIUS, emphasized the committee’s role in safeguarding national security by ensuring that foreign investments do not compromise sensitive U.S. military installations or involve specialized equipment and technologies. Comprising members from various government departments, including State, Justice, Energy, and Commerce, CFIUS investigates and evaluates potential national security threats posed by foreign investments in American firms.
CFIUS directed MineOne to sell the property within 120 days and to remove all structures and equipment from the site within 90 days. The order underscores ongoing efforts to address national security concerns associated with foreign investments, particularly those near sensitive military installations.
