After CFIUS Review, Biden Bars Chinese Firm’s Crypto Mine Near Military Base
Citing national security concerns, President Joe Biden issued an order May 13 prohibiting China’s MineOne from continuing to operate a cryptocurrency mine near Francis E. Warren Air Force Base in Cheyenne, Wyoming.
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Biden's order also requires MineOne to sell the 12.06-acre property it owns within a mile of the base and remove the improvements and equipment it installed there to create the mine. The company bought the land in June 2022.
Biden’s decision follows a review by the Treasury Department-led Committee on Foreign Investment in the U.S. It reflects concern that MineOne could use the facility and its "specialized and foreign-sourced" equipment to spy on the base, which is home to nuclear-armed Minuteman III intercontinental ballistic missiles, Treasury said.
Treasury said CFIUS was unable to negotiate a mitigation agreement with MineOne to address the national security risks. The department also said that MineOne didn't file the transaction with CFIUS until after a "public tip" prompted the committee to investigate the matter through it's non-notified team.
Paul Rosen, Treasury's assistant secretary for investment security, said CFIUS "won't hesitate" to recommend that the president block or unwind a transaction if "parties are unwilling or unable to fully address national security risks." Rosen added that “CFIUS expects complete, accurate, and timely information, particularly when serious national security issues are on the line.”
MineOne didn't immediately respond to a request for comment.