May 16, 2024
By Anjali Kochhar
President Joe Biden’s administration has taken a major step to protect national security interests by interfering with a Chinese-owned cryptocurrency company’s plan to purchase land close to a vital US nuclear missile facility. The announcement of this decision on Monday highlights the increased apprehension regarding the possible hazards linked to foreign ownership of strategically important assets.
The order issued by President Biden requires MineOne Partners Limited to divest from land it purchased in 2022, which is situated less than a mile from Wyoming’s Francis E. Warren Air Force Base (AFB). This airbase is home to Minuteman III intercontinental ballistic missiles, making it a crucial part of the United States’ defense infrastructure.
The decision follows a thorough investigation conducted by the Committee on Foreign Investment in the United States (CFIUS). The investigation revealed significant national security risks associated with allowing a Chinese-linked entity to own land in such close proximity to a nuclear base. The White House, in a statement, emphasised the importance of maintaining strict control over sensitive locations and preventing potential threats to national security.
One of the key concerns raised by CFIUS was the possibility of installing “specialized” crypto mining equipment on the acquired land. Such equipment could potentially be used for activities that undermine national security, including surveillance and espionage. This aspect added urgency to the decision to block the land purchase and require divestment.
US Treasury Secretary Janet Yellen, commenting on the administration’s decision, highlighted President Biden’s unwavering commitment to protecting the nation’s national security interests. This action is part of a broader strategy by the Biden administration to mitigate risks posed by foreign entities, particularly those with ties to adversarial nations.
The administration’s stance reflects growing concerns about technological vulnerabilities and the need to safeguard critical infrastructure from potential exploitation. While emphasising the importance of fair trade practices, the administration remains vigilant in preventing activities that could compromise national security.
This step is consistent with the administration’s overall efforts to address the issues posed by foreign ownership of vital assets, and it highlights the persistent difficulty of managing international relations while prioritising national security.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
