U.S. Republican lawmakers seek scrutiny of Bitmain and Cango Inc.
PANews reported on September 9th that according to Bloomberg, US Republican Senator Zachary Nunn called on the federal government to investigate Bitcoin mining hardware manufacturers Bitmain and Cango Inc., claiming their growing US operations could pose a national security risk. Nunn noted that Bitmain and Cango "appear to be expanding their US operations through complex ownership structures and financing arrangements, with potential lack of transparency for regulators and the public." Representatives from both Bitmain and Cango responded by stating that they strictly abide by all US laws and have no ties to any government or state-owned enterprise. Bitmain stated that it was aware of rumors regarding its planned acquisition of Cango, but that "these rumors are completely untrue." It also denied exploring direct ownership of US power plants and called the suggestion that its mining equipment could impact infrastructure "unfounded." Cango stated that it does not comment on "market rumors" or potential mergers and acquisitions.
Nunn requested an investigation by the Committee on Foreign Investment in the United States (CFIUS), an interagency panel chaired by Bessent. The panel reviews national security risks posed by foreign companies entering the U.S. market. Nunn urged CFIUS to investigate several specific allegations, including "potential ties" between Cango and foreign government actors, Bitmain's "potential acquisition" of Cango, and Cango's electricity use in the United States. Nunn serves on a congressional subcommittee that examines U.S.-China competition in the defense, technology, and economic sectors.
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