The prominent cryptocurrency investor has to face the Senate’s tax survey
A committee of the Senate is investigating whether an eminent cryptocurrency investor has violated the federal tax law to save hundreds of millions of dollars after moving to Puerto Rico, a popular offshore tax paradise, according to a letter examined by the New York Times.Senator Ron Wyden, a Democrat of Oregon, sent the letter on January 9 to Dan Morehead, the founder of Pantera Capital, one of the largest investment companies in cryptocurrency.The letter stated that the Senate Financial Committee was investigating the tax conformity by rich Americans who had moved to Puerto Rico to exploit a special tax position for the island residents who can reduce tax bills to zero.The investigation was focused on people who had improperly applied the tax interface to avoid paying taxes on income th...