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    Home»Tech News»Prominent Cryptocurrency Investor Faces Senate Tax Inquiry
    Tech News

    Prominent Cryptocurrency Investor Faces Senate Tax Inquiry

    The Daily FuseBy The Daily FuseFebruary 15, 2025No Comments3 Mins Read
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    Prominent Cryptocurrency Investor Faces Senate Tax Inquiry
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    A Senate committee is investigating whether or not a outstanding cryptocurrency investor violated federal tax legislation to avoid wasting lots of of thousands and thousands of {dollars} after he moved to Puerto Rico, a preferred offshore tax haven, in accordance with a letter reviewed by The New York Instances.

    Senator Ron Wyden, an Oregon Democrat, despatched the letter on Jan. 9 to Dan Morehead, the founding father of Pantera Capital, one the biggest crypto funding companies.

    The letter stated the Senate Finance Committee was investigating tax compliance by rich Individuals who had moved to Puerto Rico to benefit from a particular tax break for the island’s residents that may cut back tax payments to zero.

    The investigation was centered on individuals who had improperly utilized the tax break to keep away from paying taxes on revenue that was earned exterior Puerto Rico, in accordance with the letter.

    “Most often, nearly all of the achieve is definitely U.S. supply revenue, reportable on U.S. tax returns, and topic to U.S. tax,” the letter stated.

    The letter requested detailed info from Mr. Morehead about $850 million in funding earnings he made after transferring to Puerto Rico in 2020, noting that he “might have handled” the features as exempt from U.S. taxes.

    Mr. Morehead stated in a press release that he moved to Puerto Rico in 2021. “I consider I acted appropriately with respect to my taxes,” he stated.

    Mr. Wyden was chairman of the Finance Committee till Republicans took management of the Senate final month. Throughout his tenure, the committee investigated a number of methods that rich Individuals have used to keep away from paying taxes.

    It’s unclear what might come of the investigation. Underneath the Biden administration, federal regulators and Democratic lawmakers cracked down on the crypto business and outstanding tech figures. President Trump and Republicans in Congress have embraced crypto, promising much less aggressive enforcement.

    A spokesman for Mr. Wyden stated the investigation was “ongoing” and declined additional remark. A spokeswoman for the Finance Committee’s new chair, Senator Michael D. Crapo of Idaho, didn’t reply to a request for remark.

    For greater than a decade, rich Individuals, together with many tech entrepreneurs, have flocked to Puerto Rico to benefit from Act 60, a tax break established in 2012 below a distinct identify. Any capital features revenue generated within the U.S. territory isn’t topic to native or federal revenue tax.

    In recent times, the Justice Division, the Inside Income Service and lawmakers have investigated abuses of that system. The I.R.S. has stated its felony division recognized about 100 individuals who might have dedicated tax evasion.

    A former Goldman Sachs dealer, Mr. Morehead based Pantera within the early 2000s and turned it into one of many largest funding companies centered on crypto, backing more than 100 crypto companies over the past 12 years. These embrace main U.S. crypto companies comparable to Circle, Ripple and Coinbase, which operates the biggest market for digital currencies in the US.

    After Mr. Morehead moved to Puerto Rico, Pantera offered “a big place” and generated capital features “in extra of $1 billion,” in accordance with Mr. Wyden’s letter. Mr. Morehead’s share of the features totaled greater than $850 million, the letter stated.

    The letter requested Mr. Morehead to share info associated to these transactions, together with the names of his tax advisers. It additionally requested him to share an inventory of any property he offered whereas a resident of Puerto Rico, together with cryptocurrencies.



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