Republican lawmakers call for review of Bitmain and Cango Inc.

According to Bloomberg, Republican lawmaker Zachary Nunn called on the federal government to review bitcoin mining hardware manufacturers Bitmain and Cango Inc., saying the two companies' growing operations in the United States could pose a national security risk. Nunn noted that Bitmain and Cango "seem to be expanding their operations in the United States through complex ownership structures and financing arrangements, and regulators and the public may not fully understand their transparency." In response, representatives of Bitmain and Cango both responded that they strictly abide by all U.S. laws and have no connection with any government or state-owned enterprises. Bitmain said it had noticed rumors about its planned acquisition of Cango, but "these rumors are totally untrue", while denied that it was exploring direct ownership of U.S. power plants, and said the claims that its miners could affect infrastructure were "unreasonable". Cango said it would not comment on "market rumors" or potential mergers and acquisitions. Nunn asked the US Council on Foreign Investment (CFIUS) led by Bessent to conduct an investigation. The committee is a cross-sectoral agency that examines the national security risks posed by foreign companies entering the U.S. market. Nunn urged CFIUS to investigate a number of specific allegations, including the "potential association" between Cango and foreign government actors, Bitmain's "potential acquisition" Cango, and Cango's electricity use in the United States. Nunn's Congressional Subcommittee is responsible for reviewing China-U.S. competition in defense, technology and economics.