The post Biden Blocks China-Backed Crypto Firm From Owning Land Near U.S. Nuclear Site appeared on BitcoinEthereumNews.com.

President Joe Biden issued an order Monday blocking a Chinese-backed cryptocurrency mining firm from owning land near Wyoming’s Francis E. Warren Air Force Base amid heightened U.S.-China tensions. Citing national security risks, the order requires the divestment of property operated by MineOne Partners Ltd., a crypto mining facility located within a mile of the base, which houses Minuteman III nuclear missiles. The move signals the administration’s strict stance on foreign investments near critical U.S. military sites. MineOne, partially backed by Chinese nationals, must now sell the property and dismantle specific foreign-sourced equipment that government officials warn could enable espionage. This marks a rare application of presidential authority coordinated through the U.S. Committee on Foreign Investment in the United States (CFIUS), a powerful but largely obscure committee that investigates corporate deals for security concerns. “The Biden-Harris Administration will continue to use our strong investment screening tools to advance America’s national security and protect our military installations from external threats,” said Secretary of the Treasury Janet L. Yellen. “This final rule will significantly increase the ability of CFIUS to thoroughly review real estate transactions near bases and will allow us to deter and stop foreign adversaries from threatening our Armed Forces, including through intelligence gathering.” “Today’s final rule is a significant milestone in safeguarding critical U.S. military and defense installations,” said Assistant Secretary for Investment Security Paul Rosen. “The expansion of CFIUS jurisdiction around more than 60 military installations across 30 states highlights the work of CFIUS to be nimble and responsive to the evolving nature of the threats we face in the context of foreign investment that raises national security concerns.” Earlier this year President Biden ordered a mining company near Warren Air Force Base in Wyoming to cease operations, describing it a threat to national security. Source: Warren Air Force…

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Filed under: News - @ November 2, 2024 6:59 pm