President Joe Biden has issued an order preventing a Chinese-backed cryptocurrency mining firm, MineOne Partners Ltd., from owning land near the Francis E. Warren Air Force Base in Wyoming, citing national security concerns. This directive mandates the divestment of the property and the removal of certain equipment used by the firm, which is partly owned by Chinese nationals. The proximity of the firm’s operations to the nuclear missile base was deemed a “national security risk.”
This action aligns with broader U.S. policy measures, including new tariffs on various Chinese imports such as electric vehicles and semiconductors, reflecting ongoing geopolitical tensions between the U.S. and China. Both President Biden and former President Donald Trump, his likely challenger in the upcoming election, have emphasized their stances on being tough on China.
The decision was coordinated through the Committee on Foreign Investment in the United States (CFIUS), which reviews corporate deals and real estate transactions near sensitive sites to protect national security. A 2018 law expanded CFIUS’s authority to include these types of real estate transactions, particularly those close to critical infrastructure like military bases.
MineOne had acquired the property close to the Air Force base in 2022, but reportedly did not disclose the transaction to CFIUS until after the committee was tipped off publicly. The Treasury Department, under which CFIUS operates, expressed concerns about the potential for the firm’s equipment to facilitate surveillance and espionage.
CFIUS has ordered that MineOne sell the property within 120 days and clear the site of all structures and equipment within 90 days. Treasury Secretary Janet Yellen underscored the importance of CFIUS in safeguarding U.S. national security against foreign investments that pose risks to sensitive military sites and technologies.