The U.S. Department of the Treasury published a proposed rule in the Federal Register this Monday to implement controls on U.S. investments in sensitive technologies established by legislation approved in December 2025.
The U.S. government expanded the list of "countries of concern" to include Cuba, China —including Hong Kong and Macao—, Iran, North Korea, Russia, and Venezuela, the latter under the regime of Nicolás Maduro, according to the official document.
The text, identified as 2026-21786 and published in the federal register, outlines the Comprehensive National Security Law on U.S. Investments Abroad (COINS Act), which was approved in December 2025 as part of the National Defense Authorization Act for fiscal year 2026.
The Treasury announced the proposal on October 22 with an official press release. Cuba's inclusion among the "countries of concern" was already included in the COINS Act, which was passed by Congress.
The proposal outlines the procedures for implementing controls on specific American investments in sensitive technology sectors, including transactions that must be reported and those that will be prohibited.
The covered sectors are semiconductors and microelectronics, superintelligence systems, quantum information technologies, high-performance computing, hypersonic systems, and, as a new addition, biotechnology.
This last sector was added by the Secretary of the Treasury, Scott Bessent, exercising his discretionary authority under the law, beyond the five sectors originally listed by Congress.
The inclusion of biotechnology is directly relevant for Cuba, given the significance of the pharmaceutical-biotechnology sector, centered around BioCubaFarma, which has actively sought foreign investment in recent years through agreements with Russia, Vietnam, and Brazil.
The prohibited technologies in this field include biological systems engineering to modify agents with export controls, advanced pharmaceuticals, brain-computer interfaces, and biosequencing equipment, among others.
The program distinguishes between two levels of obligation. Notifiable transactions are permitted, but they must be reported to the Treasury within a maximum of 30 calendar days after the completion of the operation. Prohibited transactions may not be executed unless the secretary grants a national interest exemption.
Violations can result in civil penalties of up to $250,000 or double the value of the infringing operation, and the Treasury may order forced divestment.
The proposal includes relevant exceptions: investments in securities traded on organized markets, indexed funds, and exchange-traded funds (ETFs), limited partner interests in non-U.S. funds with committed capital not exceeding 2,000,000 dollars, and transactions whose added value in the previous 12 months does not exceed 50,000 dollars. The latter is solely for the notification exemption, not for prohibited operations.
The proposal does not equate to a general prohibition on all U.S. investment in Cuba, nor does it affect remittances, travel, personal use medications, or the entirety of scientific collaboration. It is a regulation in the public consultation phase, not an existing obligation.
"The proposed regulations would strengthen the existing program to prevent our adversaries from using U.S. investment to develop critical technologies that threaten the national security of the United States," said Secretary Bessent.
This proposal is set against a backdrop of increasing regulatory pressure on Cuba. In recent months, the Trump administration sanctioned Cuban entities linked to military technology, including Tecnoimport, Tecnotex, and the Military Industry Union, among others.
In parallel, the Cuban regime opened ETECSA's data centers to foreign investment as part of a package of 176 economic transformations announced in June.
The deadline to submit written comments on the proposal is December 7, 2026, through regulations.gov. According to the Treasury itself, "the final rule, along with its effective date, will be published at a later stage."
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