thetradingbay
Search
Close this search box.

Biden Prohibits Crypto Mining Firm with Chinese Ties from Possessing Land Adjacent to U.S. Missile Base

Biden

In a strategic move to protect national security, President Joe Biden has issued an order to prevent a crypto mining company, primarily owned by China, from owning property in close proximity to an Air Force base in Wyoming. The decision was driven by concerns over potential threats to national security.

The property in question is situated just a mile away from the Francis E. Warren Air Force Base. The U.S. Treasury Department released a statement on Monday detailing President Biden’s requirement for the divestment of the property. MineOne Partners Limited, a company with majority ownership by China, had acquired the property in June 2022. Subsequent modifications were made to the property to accommodate a crypto mining operation, as per the Treasury’s report.

The Committee on Foreign Investment in the United States (CFIUS) conducted a review of the transaction. The committee identified potential national security risks, including concerns related to surveillance. The findings of the CFIUS review played a significant role in the decision to issue the divestment order.

Treasury Secretary Janet Yellen emphasized the importance of the divestment order in a statement, highlighting President Biden’s unwavering commitment to safeguarding the national security of the United States. She further underscored the pivotal role of CFIUS in ensuring that foreign investments do not compromise national security. This is particularly crucial in transactions that pose risks to sensitive U.S. military installations and those involving specialized equipment and technologies.

Order Issued by Joe Biden

The order issued by President Biden is a testament to the administration’s proactive approach in addressing potential threats to national security. It sends a clear message about the U.S. government’s stance on foreign investments that could potentially undermine national security, especially those near sensitive military installations.

As of now, MineOne Partners Limited has not responded to requests for comment. The company’s silence raises questions about its intentions and future plans. However, the U.S. government’s decisive action in this matter serves as a reminder of its commitment to protect national security at all costs.

In conclusion, the divestment order issued by President Biden is a significant step in ensuring the security of the United States. It not only addresses immediate concerns but also sets a precedent for future foreign investments. The role of CFIUS as a gatekeeper in such transactions is crucial and highlights the importance of vigilance in protecting national interests.

Recommended

MEV
Venture
Stocks
Trump
Musk
You might also like
MEV
Venture
forex scalping
Stocks
Trump
Musk