Biden Administration issues first CFIUS Veto prohibiting the acquisition by a Chinese owned cryptocurrency company of a real estate, and the operation of a cryptocurrency mining facility, in close proximity to ICBM base

https://home.treasury.gov/news/press-releases/jy2335

https://www.whitehouse.gov/briefing-room/presidential-actions/2024/05/13/order-regarding-the-acquisition-of-certain-real-property-of-cheyenne-leads-by-mineone-cloud-computing-investment-i-l-p

The Biden administration has issued its first veto under the Committee on Foreign Investment in the United States (CFIUS) powers. This marks the eighth presidential veto in nearly half a century of CFIUS history, with seven of these related to national security concerns involving Chinese investors. This decision reflects heightened vigilance by Western intelligence agencies towards real estate acquisitions that could pose security risks.

President Biden’s executive order mandates that MineOne Partners Limited, a Chinese-owned cryptocurrency company, divest land purchased in 2022 near the Francis E. Warren Air Force Base in Wyoming. This base houses Minuteman III intercontinental ballistic missiles. A CFIUS investigation found national security risks due to the land’s proximity to the base and concerns about specialized crypto-mining equipment potentially enabling surveillance and espionage.

The case surfaced after the transaction, following a tip-off from Microsoft. Biden’s order requires divestment within 120 days, removal of the equipment, and demolition of new constructions to mitigate the threat.

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