Biden blocks a crypto mining firm from land ownership near military base

President Joe Biden has issued an order blocking a Chinese-backed cryptocurrency mining firm from owning land near a Wyoming nuclear missile base.

The order forces the divestment of property operated as a crypto mining facility near the Francis E. Warren Air Force Base. It also forces the removal of certain equipment owned by MineOne Partners Ltd., a firm that is partly owned by the Chinese state.

This comes as the US is slated on Tuesday to issue major new tariffs on electric vehicles, semiconductors, solar equipment, and medical supplies imported from China, according to a US official and another person familiar with the plan.

 

The divestment order was made in coordination with the US Committee on Foreign Investment in the United States a little-known but potentially powerful government agency tasked with investigating corporate deals for national security concerns that holds power to force the company to change.

A 2018 law granted CFIUS the authority to review real estate transactions near sensitive sites across the US, including FE Warren Air Force Base.

The order was vague about the specific national security concerns, with the Treasury Department saying only that there were issues with specialised and foreign-sourced equipment potentially capable of facilitating surveillance and espionage activities that presented a significant national security risk.

According to CFIUS, the purchase was not filed with the body, as required, until after the panel received a public tip.

Treasury Secretary Janet Yellen, who serves as the chairperson of CFIUS, said the role of the committee is to ensure that foreign investment does not undermine our national security, particularly as it relates to transactions that present a risk to sensitive US military installations as well as those involving specialised equipment and technologies.