The Biden administration has mandated that a cryptocurrency mining corporation with ties to China and its associates sell the property they own near a U.S. Air Force installation in Wyoming.
President Joe Biden gave MineOne Partners Limited, a British Virgin Islands business mostly controlled by Chinese people, instructions to sell the property located one mile from the F.E. Warren Air Force Base via an executive order on May 13. The military facility in Cheyenne, Wyoming, is the home of Minuteman III intercontinental ballistic missiles.
According to President Biden, the corporation used foreign technology in its bitcoin mining activities, raising worries about national security.
According to President Biden's order, "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, present a national security risk to the United States," pose a threat to national security.
According to President Biden, the Chinese business has 90 days to remove all of its equipment from the site and 120 days to sell or transfer ownership.
The White House's decision coincides with growing concern among American officials about foreign adversaries—China in particular—purchasing land and other properties around the country. The ownership of farmland by organizations connected to the Chinese Communist Party (CCP) close to American military facilities has been a major source of worry.
U.S. authorities have also expressed alarm about China's cyber threat to vital U.S. infrastructure. To address the issue, the Biden administration released a new national security document last month.
According to the presidential order, MineOne purchased the property in June 2022 without disclosing the deal to the Committee on Foreign Investment in the United States (CFIUS). The CFIUS is an interagency body headed by the Treasury Department that looks into potential threats to national security posed by foreign investments in the US.
According to the presidential order, CFIUS launched an investigation into the property acquisition after a public tip.
Treasury Secretary Janet Yellen stated in a statement on Monday that "today's divestment order underscores President Biden's steadfast commitment to protecting the United States' national security." In addition, Ms. Yellen serves as the CFIUS chair.
It also emphasizes the crucial gatekeeping role that CFIUS plays in ensuring that foreign investment does not jeopardize our national security, she continued, especially when it comes to deals involving specialized equipment and technologies and those that pose a risk to sensitive U.S. military installations.
Regarding President Biden's directive, the Department of Defense (DoD) also released a statement.
According to the government, "DoD routinely evaluates its military installations and the geographic area surrounding them to ensure appropriate application in light of national security considerations." "DoD will keep reviewing its military installations to make sure the locations listed are suitable."
The U.S. Department of Agriculture reports that as of the end of 2022, China owned 346,915 acres of agricultural property in the United States.
President Joe Biden gave MineOne Partners Limited, a British Virgin Islands business mostly controlled by Chinese people, instructions to sell the property located one mile from the F.E. Warren Air Force Base via an executive order on May 13. The military facility in Cheyenne, Wyoming, is the home of Minuteman III intercontinental ballistic missiles.
According to President Biden, the corporation used foreign technology in its bitcoin mining activities, raising worries about national security.
According to President Biden's order, "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, present a national security risk to the United States," pose a threat to national security.
According to President Biden, the Chinese business has 90 days to remove all of its equipment from the site and 120 days to sell or transfer ownership.
The White House's decision coincides with growing concern among American officials about foreign adversaries—China in particular—purchasing land and other properties around the country. The ownership of farmland by organizations connected to the Chinese Communist Party (CCP) close to American military facilities has been a major source of worry.
U.S. authorities have also expressed alarm about China's cyber threat to vital U.S. infrastructure. To address the issue, the Biden administration released a new national security document last month.
According to the presidential order, MineOne purchased the property in June 2022 without disclosing the deal to the Committee on Foreign Investment in the United States (CFIUS). The CFIUS is an interagency body headed by the Treasury Department that looks into potential threats to national security posed by foreign investments in the US.
According to the presidential order, CFIUS launched an investigation into the property acquisition after a public tip.
Treasury Secretary Janet Yellen stated in a statement on Monday that "today's divestment order underscores President Biden's steadfast commitment to protecting the United States' national security." In addition, Ms. Yellen serves as the CFIUS chair.
It also emphasizes the crucial gatekeeping role that CFIUS plays in ensuring that foreign investment does not jeopardize our national security, she continued, especially when it comes to deals involving specialized equipment and technologies and those that pose a risk to sensitive U.S. military installations.
Regarding President Biden's directive, the Department of Defense (DoD) also released a statement.
According to the government, "DoD routinely evaluates its military installations and the geographic area surrounding them to ensure appropriate application in light of national security considerations." "DoD will keep reviewing its military installations to make sure the locations listed are suitable."
The U.S. Department of Agriculture reports that as of the end of 2022, China owned 346,915 acres of agricultural property in the United States.
