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American lawmakers call for an investigation into Chinese Bitcoin mining companies Bitmain and Cango.
A Republican lawmaker, representative Zachary Nunn ( Iowa ), has proposed that the U.S. Department of the Treasury conduct a national security review concerning two Chinese companies involved in Bitcoin mining: Bitmain and Cango. In a letter sent on September 2, Mr. Nunn expressed concerns about the opaque ownership structures and potential links to foreign entities, while requesting the Committee on Foreign Investment in the United States ( CFIUS ) to open an investigation.
Bitmain currently holds over 80% of the global market share in providing Bitcoin mining machines. There are expectations regarding Bitmain's potential acquisition of Cango, but Bitmain has denied it. Both companies assert U.S. jurisprudence and have no ties to any government organization.