“Joe Biden” The President of the United States issued an order prohibiting MineOne from investing in assets transferred near strategic missile bases. By the US government revealed that most of MineOne's business is owned by the Chinese. The goal is to use the assets to mine cryptocurrencies.
According to beincrypto, President Cho's decision this time is due to: National security concerns The facility is located near the Francis E. Warren Air Force Base, where Minuteman 3 intercontinental ballistic missiles are stored.
However, national security concerns prompted presidential action and the Committee on Foreign Investment in the United States (CFIUS) sees risks in mining equipment that could be reused for unique features and could have national security implications. Because the aforementioned geography is located in the military zone.
“Proximity to foreign-owned commercial areas near strategic missile bases and a key component of the US nuclear complex. The presence of special and foreign-sourced equipment may facilitate surveillance and espionage. This constitutes a threat to the security and risks that threaten the national security of the United States and the public.” Statement of the President's order
From this announcement and as a result, all such transactions of MineOne and its affiliates will be blocked. They must sell or transfer all ownership interests in the property within 120 days, and in addition, they must remove all equipment and improvements. Leave the mining depot site within 90 days.
In addition, MineOne and its affiliates' access to the Property is restricted throughout this period. Make sure to follow these instructions. They must also provide CFIUS with weekly updates on the implementation of the state order until all conditions are met.
The Treasury Department issued an official statement following the order of the Director General in the statement, Treasury Secretary Janet L. Yellen confirming that this order demonstrates President Biden's commitment. In protecting national security
“This document also underscores the important role that CFIUS plays in ensuring that foreign investment does not undermine our national security. This applies in particular to transactions that pose a risk to the military security sensitive to the United States including those related to proprietary equipment and technology.” Ms. Yellen said.
In addition, Paul Rosen, Assistant Secretary of the Treasury for Investment Security, emphasized that CFIUS expects complete, accurate, and timely information from those involved. He also stressed that failure to address national security risks. It will encourage decisive action. Including presidential intervention
This comes at a time when the Ministry of Finance proposes to impose a 30% tax on the use of electricity by cryptocurrency mining companies as part of the fiscal year 2025 revenue proposal, and the proposal aims to reduce the environmental impact of demand.
Under the scheme, cryptocurrency mining companies will be required to report the volume and cost of their electricity use. Including electricity production outside the tax system, it will gradually increase. It was implemented starting from 10% and up to 30% by the third year, starting from January 1, 2025.
Joe Biden's cryptocurrency policies have sparked controversy, and the industry's harsh reaction to the Biden administration's tougher stance on the cryptocurrency industry is demonstrated by this point, its position on HJ Res 109, a decision to bypass the holding of Securities and Exchange Commission (SEC) staff accountable. . SABB Bulletin No. 121: This bulletin requires financial institutions to include digital customer data with assets on their balance sheets. Which the cryptocurrency community considers a burden and a violation of rights
The White House also made clear that rejecting the rule would harm the SEC's protections for investors and the financial system, which could come under pressure. As a result, it will be affected and weakened by President Biden. And insisting on using the veto power against such decisions
However, in response to the current regulatory environment investors in the industry are rallying behind political candidates supporting investment platform and cryptocurrency exchange Coinbase by backing a new political action committee (PAC) called “Stand With Crypto” to support crypto-financing friendly applicants.
Coinbase's political action committee receives support from many parties. Including MoonPay, a fintech platform that supports cryptocurrency transactions, Van Sato Viet, CEO of MoonPay, stressed the importance of developing cryptocurrency innovations.
“This year’s elections will determine the future of our industry in the United States. It is our responsibility to step up and stand with those organizations. Who want to advance positive crypto innovations for everyone.” – Sato said.
Additionally, prominent figures in the cryptocurrency community such as Mark Cuban and Hayden Adam have warned that Biden's current stance could influence the upcoming election, a warning that aligns with a recent report from the Blockchain Association stating that one in five American voters considers crypto an important issue. With many unsuspecting applicants getting involved in the cryptocurrency space.
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