Biden Blocks China-Backed Crypto Firm From Owning Land Near U.S. Nuclear Site

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As a seasoned researcher with extensive experience in geopolitics and national security matters, I find this recent move by the Biden-Harris Administration to be a prudent step towards safeguarding our country’s interests. The increased scrutiny of foreign investments near critical military sites is a necessary measure in an era where threats to national security are becoming increasingly complex and diverse.

To ensure national security, this order mandates the dispossession of the property belonging to MineOne Partners Ltd., a cryptocurrency mining company situated less than a mile from the military base, where Minuteman III nuclear missiles are stationed.

As an analyst, I’m reporting that my recent findings indicate a firm stance by the administration regarding foreign investments close to crucial U.S. military installations. The company MineOne, with partial Chinese backing, is now compelled to offload the property and decommission specific equipment of foreign origin. This action appears to be an unusual exercise of presidential power, facilitated by the U.S. Committee on Foreign Investment in the United States (CFIUS), a committee that wields significant influence but often operates behind the scenes, scrutinizing corporate transactions for potential security risks.

Secretary of the Treasury, Janet L. Yelen, stated that the Biden-Harris Administration will persist in utilizing robust investment assessment methods to bolster America’s security and safeguard military facilities against potential external dangers. This new regulation will amplify the Committee on Foreign Investment in the United States’ (CFIUS) capacity to scrutinize real estate transactions near bases more comprehensively, thereby enabling us to discourage and prevent foreign adversaries from jeopardizing our armed forces, including by means of espionage activities.

Today, Assistant Secretary for Investment Security Paul Rosen declared that today’s final rule is a major step forward in protecting vital U.S. military and defense bases. The extension of CFIUS jurisdiction to over 60 military installations in 30 different states demonstrates the agility and adaptability of CFIUS in addressing the ever-changing nature of threats related to foreign investments that potentially pose national security risks.

Previously this year, President Biden requested that a mining firm operating close to the Warren Air Force Base in Wyoming halt its activities, labeling it as posing a risk to the nation’s security.

Restricting Chinese Influence 

In tandem with the U.S.’s announcement of fresh tariffs on Chinese imports, including electric vehicles, semiconductors, and solar goods, the Biden administration’s action is also taking place. This step indicates a more expansive strategy to limit China’s impact, an attitude shared by Donald Trump. Both leaders have portrayed China as a significant economic and geopolitical adversary, using this perspective as a key campaign platform.

In 2022, MineOne acquired a piece of land, but they didn’t report this purchase to CFIUS as needed. It wasn’t until a public tip led to a review that this oversight was discovered. Authorities have raised worries about the use of technology from foreign sources, which could potentially collect sensitive data since the facility is near vital military assets.

The authority of the Treasury Department’s Committee on Foreign Investment in the United States (CFIUS) has been expanded, allowing it to monitor and protect critical defense locations situated near military bases across 30 states, by extending its jurisdiction over foreign-owned land.

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2024-11-02 22:06