US stops Chinese-backed crypto firm from owning land near nuke base

Date:

President Joe Biden on Monday issued an order blocking a Chinese-backed cryptocurrency mining firm from owning land near a Wyoming nuclear missile base, calling its proximity to the base a “national security risk.”

The order forces the divestment of property operated as a crypto mining facility near Francis E. Warren Air Force Base. MineOne Partners Ltd., a firm partly backed by Chinese nationals, and its affiliates are also required to remove certain equipment on the site.

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

And with election season in full swing, both Biden and his presumptive Republican challenger, former President Donald Trump, have told voters that they’ll be tough on China, the world’s second-largest economy after the United States and an emerging geopolitical rival.

The Monday divestment order was made in coordination with the U.S. Committee on Foreign Investment in the United States — a little-known but powerful government committee tasked with investigating corporate deals for national security concerns that holds power to force companies to change ownership structures or divest completely from the U.S.

A 2018 law granted CFIUS the authority to review real estate transactions near sensitive sites across the U.S., including F.E. Warren Air Force Base.

MineOne purchased the land that is within one mile of the Air Force base in Cheyenne in 2022, and according to CFIUS, the purchase was not reported to the committee as required until after the panel received a public tip.

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

A representative from the firm did not respond to an Associated Press request for comment.

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 risk to sensitive U.S. military installations as well as those involving specialized equipment and technologies.”

The committee is made up of members from the State, Justice, Energy and Commerce Departments among others, which investigates national security risks from foreign investments in American firms.

CFIUS directed the sale of the property within 120 days, and that within 90 days the company remove all structures and equipment on the site.

Read the full article here

spot_img

Share post:

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.

Popular

More like this
Related

UCLA anti-Israel protesters clash with police after blocking access to campus buildings

Join Fox News for access to this content Plus...

Today's mortgage rates rise for 30-year terms while 15-year rates hold steady | May 24, 2024

Our goal here at Credible Operations, Inc., NMLS Number...

CNN reporter struck by size of pro-Trump rally in 'one of the bluest counties in the entire country'

CNN correspondent Kristen Holmes told anchor Anderson Cooper...

USCCA Member Uses Gun In Self-Defense And…

Watch full video on YouTube