cryptojournalist
The U.S. Treasury has introduced a rule to keep a closer eye on any foreign-owned businesses, like crypto mining, that try to operate near military sites. This new measure follows a recent case where a Chinese-backed crypto business set up near a Wyoming missile base, raising security concerns.
A National Security Priority
Earlier this year, President Biden ordered a halt to a crypto mining operation run by MineOne, a China-linked company, near Wyoming’s Warren Air Force Base. This base, which houses nuclear missiles, posed a risk due to its proximity to foreign-owned tech, making security a top concern.
Expanded Oversight for Foreign Deals
The new rule gives the Committee on Foreign Investment in the United States (CFIUS) more power to scrutinize property purchases around military sites, aiming to prevent potential security threats. Treasury Secretary Janet Yellen highlighted that this rule will help stop foreign adversaries from gathering intelligence near sensitive locations.
A New Reality for Foreign Investors
This updated rule means foreign-owned businesses, especially those close to military areas, will face stricter reviews. For MineOne, this scrutiny disrupted its planned sale to U.S.-based CleanSpark. Moving forward, projects tied to foreign investors can expect tougher barriers if located near U.S. military sites.
