US Urges Chinese Crypto Miners to Sell Properties Near Missile Bases

According to the White House, MineOne's purchase of the property was not filed with CFIUS until the agency launched an investigation following a tip from the public.

In a statement issued by US Treasury Secretary Janet Yellen, the action against MineOne highlights the important gatekeeping role that CFIUS plays to ensure foreign investment does not harm national security.

The Biden administration's move comes amid a broader crackdown on Chinese companies in the United States ahead of the upcoming presidential election and amid tensions between the world's two largest economies.

In April, Biden signed legislation forcing the divestment of social media platform TikTok from its Chinese parent company ByteDance on national security grounds.

Meanwhile, the government will also issue new tariffs on several imports of electric vehicles, medical supplies and other equipment from China, as soon as Tuesday, May 14, 2024.

China has also increased scrutiny of US companies in recent years, citing national security concerns. The country recently strengthened laws prohibiting the sharing of state secrets by including the broad category of “work secrets.”

China has also restricted some US technology companies such as Micron from sales to critical infrastructure in the country following a security review and crackdown on a number of foreign consulting firms last year.

Disclaimer: Every investment decision is in the hands of the reader. Study and analyze before buying and selling Crypto. Todaysgist.com is not responsible for profits and losses arising from investment decisions.