{"id":22308,"date":"2025-02-15T01:02:49","date_gmt":"2025-02-15T02:02:49","guid":{"rendered":"http:\/\/medexperts.pro\/?p=22308"},"modified":"2025-02-15T02:27:07","modified_gmt":"2025-02-15T02:27:07","slug":"prominent-cryptocurrency-investor-faces-senate-tax-inquiry","status":"publish","type":"post","link":"https:\/\/medexperts.pro\/?p=22308","title":{"rendered":"Prominent Cryptocurrency Investor Faces Senate Tax Inquiry"},"content":{"rendered":"
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The Finance Committee\u2019s top Democrat sent a letter last month to Dan Morehead, the founder of Pantera Capital, about the investigation.<\/p>\n

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A Senate committee is investigating whether a prominent cryptocurrency investor violated federal tax law to save hundreds of millions of dollars after he moved to Puerto Rico, a popular offshore tax haven, according to a letter reviewed by The New York Times.<\/p>\n

Senator Ron Wyden, an Oregon Democrat, sent the letter on Jan. 9 to Dan Morehead, the founder of Pantera Capital, one the largest crypto investment firms.<\/p>\n

The letter said the Senate Finance Committee was investigating tax compliance by wealthy Americans who had moved to Puerto Rico to take advantage of a special tax break for the island\u2019s residents that can reduce tax bills to zero.<\/p>\n

The investigation was focused on people who had improperly applied the tax break to avoid paying taxes on income that was earned outside Puerto Rico, according to the letter.<\/p>\n<\/div>\n<\/div>\n

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\u201cIn most cases, the majority of the gain is actually U.S. source income, reportable on U.S. tax returns, and subject to U.S. tax,\u201d the letter said.<\/p>\n

The letter requested detailed information from Mr. Morehead about $850 million in investment profits he made after moving to Puerto Rico in 2020, noting that he \u201cmay have treated\u201d the gains as exempt from U.S. taxes.<\/p>\n

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The Finance Committee\u2019s top Democrat sent a letter last month to Dan Morehead, the founder of Pantera Capital, about the investigation.A Senate committee is investigating whether a prominent cryptocurrency investor violated federal tax law to save hundreds of millions of dollars after he moved to Puerto Rico, a popular offshore tax haven, according to a letter reviewed by The New York Times.Senator Ron Wyden, an Oregon Democrat, sent the letter on Jan. 9 to Dan Morehead, the founder of Pantera Capital, one the largest crypto investment firms.The letter said the Senate Finance Committee was investigating tax compliance by wealthy Americans who had moved to Puerto Rico to take advantage of a special tax break for the island\u2019s residents that can reduce tax bills to zero.The investigation was focused on people who had improperly applied the tax break to avoid paying taxes on income that was earned outside Puerto Rico, according to the letter.\u201cIn most cases, the majority of the gain is actually U.S. source income, reportable on U.S. tax returns, and subject to U.S. tax,\u201d the letter said.The letter requested detailed information from Mr. Morehead about $850 million in investment profits he made after moving to Puerto Rico in 2020, noting that he \u201cmay have treated\u201d the gains as exempt from U.S. taxes.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and\u00a0log into\u00a0your Times account, or\u00a0subscribe\u00a0for all of The Times.Thank you for your patience while we verify access.Already a subscriber?\u00a0Log in.Want all of The Times?\u00a0Subscribe.<\/p>\n","protected":false},"author":1,"featured_media":22310,"comment_status":"close","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-22308","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology"],"_links":{"self":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts\/22308","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22308"}],"version-history":[{"count":2,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts\/22308\/revisions"}],"predecessor-version":[{"id":22311,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts\/22308\/revisions\/22311"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/media\/22310"}],"wp:attachment":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22308"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}