Representative Zachary Nunn requested a CFIUS probe into China-linked mining firms Bitmain and Cango, citing opaque ownership, energy use, and risks to U.S. sovereignty.
Republican Congressman Zachary Nunn has called on the U.S. Treasury to initiate a national security review of Bitmain Technologies Ltd. and Cango Inc., citing concerns over their U.S. operations. Nunn highlighted opaque ownership structures, potential links to foreign governments, and risks related to energy usage and surveillance. Bitmain controls 80% of the global Bitcoin mining machine market, while Cango recently reported holdings of 5,277.1 BTC. Both companies denied ties to government entities and merger speculation. Nunn’s letter urges the Committee on Foreign Investment in the United States (CFIUS) to open an inquiry, referencing past CFIUS actions against foreign-linked crypto mining near U.S. strategic sites.