The prominent cryptocurrency investor is facing the Senate Tax Request

The Craftsman’s committee investigates whether a prominent cryptocurnancy investor violated the Federal Tax Rava to save hundreds of millions after moving to Puerto Rico, a popular offshore tax haven, according to a letter re-examined by New York.

Senator Ron Viden, Oregon Democrat, sent a letter to January 9. January, Dan Meahead, the founding of the capital of Panther, the largest crypt’s investment firm.

The letter said that the Senate Finance Committee was investigating the taxes of rich Americans who moved to Puerto Rico to take advantage of the island’s special tax breaks that can reduce tax accounts to zero.

The investigation was focused on people who impropered the tax break improperly to avoid paying income taxes that were earned outside Puerto Rico, in accordance with the letter.

“In most cases, most winnings are actually income from American sources, a report on tax return on American tax and subject to US tax,” the letter said.

The letter asked for detailed information from Mr. Multi-headed in the amount of $ 850 million in the investment profit after the Puerto Rico in 2020. years, noting that “may have been treating” in line with American taxes.

Mr. Morehead said that in Puerto Rico moved to 2021. “I believe I behaved in an appropriate way about his taxes,” he said.

Mr. Viden was the president of the Finance Committee until the Republicans took control of Senate last month. During his mandate, the Committee explored several strategies that the rich Americans used to avoid paying taxes.

It is unclear what can come from the investigation. Biden administration, federal regulators and democratic legislators are full of crypto industry and prominent technological figures. President Trump and Republicans in Congress have Embraced cryptopromising less aggressive enforcement.

The Lord’s spokesman said the investigation was “ongoing” and reduced further comment. Spoker for new finance chair, Senator Michael D. Crapo Idaho, did not answer the comment request.

For more than a decade, rich Americans, including many technological entrepreneurs, ran into Puerto Rico to use the ACT 60, tax interruption in 2012. year under another name. Each capital income realized in the US territory is not subject to a local or federal income tax.

In recent years, the Ministry of Justice, internal income services and lawmakers have explored abuses of that system. The IRS said its criminal division was identified by about 100 people who may have committed tax evasion.

The former Goldman Sachs trader, Mr. Morehead was founded by Panther at the beginning of 2000 and turned it into one of the largest investment firms focused on crypto, Supporting more than 100 crypto companies In the past 12 years. They include major American crops such as a circle, ripple and a waite, which operates the largest market for digital currencies in the United States.

After Mr. Morehead moved to Puerto Rico, Panther sold the “great position” and generated capital gains “more than $ 1 billion”, according to the Lord’s screen. Mr. Morehead was the share of gains of more than $ 850 million, a letter said.

The letter asked that Mr. Moreahead was to share information regarding these transactions, including the names of his tax advisors. He also asked him to share a list of any property he sold while he was a resident of Puerto Rico, including cryptocurrency.