UNCLOS is not a transfer of either wealth or technology but a gain of resource jurisdiction the size of the Louisiana Purchase

Myth: U.S. adherence will entail history's biggest voluntary transfer of wealth and surrender of sovereignty.

To the contrary, the convention enhances not only sovereignty of U.S. military ships and aircraft, but also bolsters our resource jurisdiction over a vast area off of our coasts. In fact, the convention supports the sovereign rights of the United States over extensive maritime territory and the natural resources therein, including a broad continental shelf that in many areas extends well beyond the 200-nm limit. The area of resource jurisdiction confirmed under national control of the United States by this convention is approximately equal to that of the continental United States and exceeds the area of the Louisiana Purchase, the purchase of Alaska or any other addition to U.S. sovereignty in history. It is also the most extensive of any nation in the world. The mandatory technology transfer provisions of the deep seabed mining sections in the original convention, to which the United States objected, were eliminated in the 1994 agreement. Any transfer of funds to nations from deep seabed mining revenues, or oil and gas development beyond 200 miles, is subject to a U.S. veto. As such, we not only have a veto over where our seabed mining revenue would go, but also over that of all nations worldwide. This new power is simply lost if we fail to adhere