President Joe Biden recently enforced an order against MineOne Partners Ltd., a Chinese-backed cryptocurrency mining firm, citing national security concerns. This directive prohibits the firm from owning property near the Francis E. Warren Air Force Base in Wyoming. As part of the national security measure, the firm must divest its interests in the land adjacent to the military installation and remove any operational equipment from the area.

MineOne’s operations near the critical military base raised alarms about potential espionage and surveillance activities, highlighting the issue. U.S. authorities deemed the proximity of such advanced technological operations to a strategic missile base unacceptable.

The Treasury Department, emphasizing the protective role of the Committee on Foreign Investment in the United States (CFIUS), highlighted that the acquisition was initially not reported to CFIUS, only coming to light following a public tip-off. Subsequently, CFIUS has mandated the sale of the property within 120 days and the dismantling of all related structures within 90 days.

President Joe Biden’s Security Measures

This incident comes amid escalating tensions between the United States and China, with both nations imposing tariffs and enacting policies to curb each other’s economic and technological influences. The current and previous U.S. administrations reflect this geopolitical friction in their actions, maintaining a tough stance on China and prioritizing competition over conflict.

President Joe Biden administration has taken concrete steps to limit Chinese access to crucial American technologies and industries, particularly in areas deemed sensitive for national security.

Treasury Secretary Janet Yellen underscored the importance of CFIUS in preventing foreign investments that could potentially undermine U.S. security. The committee, an assembly of representatives from various governmental departments, is crucial in scrutinizing foreign investments in American companies, especially those that could pose a security threat.

The actions against MineOne are part of a broader strategy to safeguard national interests against the backdrop of increasing geopolitical tensions and the complex dynamics of U.S.-China relations.

In parallel, the administration has actively addressed the challenges of other Chinese companies. For instance, there has been significant scrutiny and legislative action regarding the operations of TikTok, owned by the Chinese company ByteDance, leading to demands for divestiture due to security concerns. Similarly, concerns about the potential security implications of Chinese automakers’ access to the U.S. market have been raised.

As tensions continue to mount, the U.S. government remains vigilant in its efforts to protect national security by carefully monitoring and, when necessary, intervening in foreign investments near critical infrastructure. President Joe Biden’s policy enacts economic protectionism and serves as a crucial element of the national defense strategy, actively maintaining checks on the technological and industrial capabilities of potential adversaries.

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