-Amid Security Concerns
U.S. Republican Congressman Zachary Nunn is calling for a federal Bitcoin mining security review targeting major hardware manufacturers Bitmain and Cango Inc. The request, driven by potential national security risks, focuses on the companies’ expanding operations and complex ownership structures within the United States.
Company Responses
- Bitmain rejected rumors of acquiring Cango, calling such claims false. Hi dismissing suggestions that its mining equipment could pose risks to U.S. infrastructure. The company emphasized strict compliance with U.S. laws.
- Cango Inc. declined to comment on market rumors or possible mergers and acquisitions but confirmed adherence to regulatory standards.
Federal Review Request
Nunn urged the Committee on Foreign Investment in the United States (CFIUS), chaired by Bessent, to investigate:
- Cango’s potential ties to foreign government entities.
- The possibility of a Bitmain acquisition of Cango.
- The scale and nature of Cango’s electricity usage for its U.S. mining operations.
>Given that Nunn’s subcommittee focuses on U.S.-China competition in defense and technology, this Bitcoin mining security review is treated as a high-priority matter.
Conclusion
This move highlights growing governmental scrutiny of the cryptocurrency industry, particularly regarding foreign influence and control over critical infrastructure like energy grids and data networks. A CFIUS investigation could set a significant precedent for how Bitcoin mining firms operate in the U.S.