The top democrat in the US Senate Committee for Finance reportedly sent a letter in which he informs Pantera Capital founder than Morehead that the crypto investor is confronted with a tax round.
The New York Times reports that Senator Ron Wyden (D-Or) asks Meerhad in a letter to provide detailed information about a major investment profit he made after he had moved to Puerto Rico in 2020.
According to Wyden, the Financial Committee is investigating compliance with the tax by Americans moving to Puerto Rico to take advantage of the special tax benefits that can reduce the tax of the residents to zero.
The probe focuses on people who may have abused tax benefits to prevent tax from being paid on income that have been earned outside the territory.
Reads the letter rated by the New York Times,
“In most cases, the majority of the profit is actually American source income, reportable on American tax returns and subject to American tax.”
After Morehead had moved to Puerto Rico, Pantera Capital, one of the largest investment firms that focused on cryptocurrency, “a large position” and generated more than $ 1 billion in capital wins. Wyden’s Letter says that MoreHead “may have dealt with” are more than $ 850 million in profit as free from American taxes.
The letter also asks MoreHead to provide information about the transactions, including the name of his tax advisers, together with the list of cryptocurrencies and other assets that he sold while living in Puerto Rico.
The Pantera Managing Partner says that he has not violated the American federal tax laws.
“I believe I have acted in the right way with regard to my taxes.”
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