In recent news, the Biden administration has issued an executive order mandating a China-linked cryptocurrency mining company to sell off its land near a U.S.
Air Force base located in Wyoming.
The move was announced due to concerns about potential national security risks associated with the firm’s operations.
President Biden cited that the company’s use of foreign-sourced technology posed a significant threat to the United States.
The proximity of the foreign-owned real estate to a strategic missile base and key element of America’s nuclear triad, and the presence of specialized and foreign-sourced equipment potentially capable of facilitating surveillance and espionage activities, presents a national security risk to the United States,” President Biden stated in his order.
The Chinese firm was ordered to remove all of its equipment on the land within 90 days and sell or transfer the property within 120 days.
The executive order revealed that MineOne had purchased the land back in June 2022 but failed to inform the Committee on Foreign Investment in the United States (CFIUS) about the transaction.
CFIUS, led by the Treasury Department, is an interagency committee responsible for investigating national security risks associated with foreign investments in the U.S.
The land purchase investigation was initiated after CFIUS received a public tip concerning MineOne’s activities.
In her statement released on Monday, Secretary of the Treasury Janet Yellen highlighted the importance of protecting the United States’ national security and commended President Biden’s decision to enforce the divestment order.
Today’s divestment order underscores President Biden’s steadfast commitment to protecting the United States’ national security,” she said.
It also highlights the critical gatekeeper role that CFIUS serves 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 Department of Defense (DoD) also released a statement in support of President Biden’s order.
The department explained that it routinely assesses its military installations and the surrounding geographic scope to ensure proper consideration in light of national security concerns.
DoD will continue monitoring its military installations for potential risks to ensure appropriate protection measures are implemented.
In recent news, FBI Director Christopher Wray highlighted China’s “broad and unrelenting” threat against U.S.
critical infrastructure during the Vanderbilt Summit on modern conflict and emerging threats in April, further emphasizing the need for vigilance in protecting national security interests.