Biden Blocks Chinese-Backed Crypto Mining Firm from Land Ownership Near Wyoming Missile Base

President Joe Biden has blocked a Chinese-backed cryptocurrency mining firm from owning land near a Wyoming nuclear missile base. The move is aimed at protecting national security risks posed by the proximity of the firm’s land to the missile base. The order was issued on Monday, May 24th, 2024.

 

The Wyoming missile base looms in the background as the Chinese-backed crypto mining firm is denied ownership of the land

 

The Chinese-backed firm, MineOne, purchased land within one mile of the F.E. Warren Air Force Base in Cheyenne, Wyoming, in 2022. However, the purchase was not reported to the Committee on Foreign Investment in the United States (CFIUS) until after the fact, which violated a 2018 law that granted CFIUS the authority to review real estate transactions near sensitive sites across the U.S.

 

Key Takeaways

  • President Joe Biden has blocked a Chinese-backed cryptocurrency mining firm from owning land near a Wyoming nuclear missile base.
  • The move is aimed at protecting national security risks posed by the proximity of the firm’s land to the missile base.
  • The Chinese-backed firm, MineOne, violated a 2018 law that granted the Committee on Foreign Investment in the United States (CFIUS) the authority to review real estate transactions near sensitive sites across the U.S.

National Security Concerns and Government Response

 

Biden blocks Chinese-backed crypto mining near Wyoming missile base. Security concerns prompt government action

CFIUS Review and Presidential Order

In May 2024, President Joe Biden issued an executive order blocking a Chinese-backed cryptocurrency mining firm from owning land near a Wyoming nuclear missile base, citing national security concerns. The move followed a review by the Committee on Foreign Investment in the United States (CFIUS), which determined that the proximity of the MineOne operation to the missile base posed a potential risk to national security.

CFIUS is an inter-agency committee chaired by the Treasury Secretary that reviews foreign investments in U.S. companies for potential national security concerns. The committee has the authority to recommend that the President block or unwind transactions that it deems to pose a threat to national security.

 

Implications for Foreign Investment and National Security

The decision to block MineOne’s land ownership near the missile base highlights the U.S. government’s increasing scrutiny of foreign investment in critical infrastructure and technology sectors. It also underscores the importance of national security in the government’s decision-making process.

The Treasury Department, which oversees CFIUS, has stated that the committee’s review process is designed to balance the benefits of foreign investment with the need to protect national security. The department has also emphasized that the U.S. welcomes foreign investment that is consistent with national security interests.

The decision to block MineOne’s land ownership near the missile base may have implications for other Chinese nationals seeking to invest in U.S. critical infrastructure and technology sectors. It may also prompt other foreign investors to reconsider their investment strategies in light of the U.S. government’s increasing focus on national security concerns.

Overall, the decision to block MineOne’s land ownership near the missile base reflects the U.S. government’s commitment to protecting national security and underscores the importance of CFIUS in reviewing foreign investment in critical sectors.

 

Impact on Local and Global Scales

 

Biden halts Chinese-backed crypto mining near Wyoming missile base

Economic and Political Ramifications

The decision made by President Joe Biden to block a Chinese-backed cryptocurrency mining firm from owning land near a Wyoming nuclear missile base has significant economic and political ramifications. The move is seen as a way to protect national security interests, but it also has the potential to impact the cryptocurrency mining industry in the United States.

The mining firm, MineOne, purchased land within one mile of the F.E. Warren Air Force Base in Cheyenne, Wyoming in 2022. The purchase was not reported to the Committee on Foreign Investment in the United States (CFIUS) as required until after the fact. The proximity of the land to the base was deemed a “national security risk” by President Biden, which led to the order to block the Chinese-backed firm from owning the land.

The decision has implications for the future of cryptocurrency mining in the United States. The U.S. has been trying to reduce its dependence on foreign-sourced equipment, particularly from China, due to concerns about national security risks. The tariffs imposed on Chinese goods, including electric vehicles, semiconductors, and solar equipment, have also impacted the mining industry.

 

Future of Cryptocurrency Mining in the U.S.

The decision by President Biden to block the Chinese-backed mining firm from owning land near the Wyoming missile base has the potential to impact the future of cryptocurrency mining in the U.S. The move is seen as a way to protect national security interests, but it could also lead to a reduction in investment in the industry.

The U.S. has been trying to reduce its dependence on foreign-sourced equipment, particularly from China, due to concerns about national security risks. The tariffs imposed on Chinese goods have also impacted the mining industry. The decision to block the Chinese-backed firm from owning land near the missile base is another step in this direction.

The future of cryptocurrency mining in the U.S. is uncertain. The decision by President Biden has shown that national security interests will take precedence over economic interests. The move could lead to more investment in the industry from U.S. companies, but it could also lead to a reduction in investment from foreign companies.

In conclusion, the decision made by President Biden to block a Chinese-backed cryptocurrency mining firm from owning land near a Wyoming nuclear missile base has significant economic and political ramifications. The move is seen as a way to protect national security interests, but it also has the potential to impact the future of the cryptocurrency mining industry in the U.S.

By Jastra Kranjec

Jastra is an author at CryptoPresales. Over the years, she has worked in different fields of journalism and public relations, including politics, economy, crypto, and financial markets.