President Biden Blocks Chinese-Backed Crypto Mining Firm from Acquiring Land Near Wyoming Military Base

In a decisive move to protect national security, President Joe Biden on May 13, 2024, issued an executive order prohibiting a Chinese-backed cryptocurrency mining firm from acquiring land near Francis E. Warren Air Force Base in Wyoming. The firm, MineOne Partners Ltd., which is partially owned by the Chinese state, was also ordered to dismantle certain facilities and remove specialized equipment from the site, according to Voanews.

The U.S. government, under the guidance of the Committee on Foreign Investment in the United States (CFIUS), enforced this decision due to concerns about the potential for surveillance and espionage. The proximity of the mining operations to the nuclear missile base raised alarms about foreign control over critical infrastructure. The Treasury Department highlighted risks associated with the equipment used at the mining site, which could facilitate espionage activities.

This action aligns with broader U.S. strategies to tighten controls on foreign investments and operations that pose a threat to national security, especially those that could impact sensitive military locations. CFIUS, which reviews transactions involving foreign investments, had not been notified about the acquisition until a public tip prompted an investigation. 

The timing of this order coincides with the U.S. announcing new tariffs on a range of Chinese imports, including electric vehicles and semiconductors, signaling increased scrutiny over economic interactions with China amid ongoing tensions. Treasury Secretary Janet Yellen emphasized that CFIUS plays a crucial role in safeguarding U.S. national security by scrutinizing foreign investments, especially those near critical infrastructure or involving advanced technology.