Janet Yellen Secretary of the Treasury | Twitter Website
President Biden has issued an order prohibiting the acquisition and requiring the divestment of certain real estate operated as a cryptocurrency mining facility within one mile of Francis E. Warren Air Force Base (F.E. Warren AFB). The property, owned by MineOne Partners Limited, which is majority owned by nationals of the People’s Republic of China, MineOne Cloud Computing Investment I L.P., MineOne Data Center LLC, and MineOne Wyoming Data Center LLC (collectively MineOne), along with their affiliates, was purchased in June 2022.
The property was improved to facilitate specialized cryptocurrency mining operations within close proximity to F.E. Warren AFB in Cheyenne, Wyoming, a strategic missile base housing Minuteman III intercontinental ballistic missiles. The Committee on Foreign Investment in the United States (CFIUS) reviewed and investigated this transaction under authorities provided by Congress in the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA).
Secretary of the Treasury Janet L. Yellen said that "Today’s divestment order underscores President Biden’s steadfast commitment to protecting the United States’ national security. It also highlights the critical gatekeeper role that CFIUS serves to ensure that foreign investment does not undermine our national security."
CFIUS identified national security risks arising from the transaction due to its proximity to F.E. Warren AFB and associated with specialized equipment on the property used for cryptocurrency mining operations. Some of this equipment is foreign-sourced and presents significant national security concerns.
Assistant Secretary of the Treasury for Investment Security Paul Rosen added that “If CFIUS parties are unwilling or unable to fully address national security risks, CFIUS won’t hesitate to exercise the full scope of its authorities, including Presidential referrals, to address the risk.”
MineOne did not file the transaction with CFIUS until after CFIUS’s non-notified team investigated it following a public tip. By law, CFIUS may enter into a negotiated mitigation agreement only if it is effective, verifiable, and monitorable. In this case, CFIUS determined that a negotiated agreement with MineOne would not sufficiently address the national security risks.
This decision is based on the facts and national security risks related to this transaction only. The CFIUS process focuses exclusively on identifying and addressing national security concerns arising from a covered transaction on a case-by-case basis.
