Senators accuse crypto billionaires of avoiding tax evasion investigations in Puerto Rico

A top Democrat on the Senate Treasury Committee accused prominent crypto investors of refusing to cooperate with an investigation into the suspected $1 billion tax evasion scheme that exists through one of the digital asset community’s most popular enclaves.

Sen. Ron Wyden (D-OR) began a financial investigation in January about Dan Morehead, founder of Pantera’s capital.

However, Wyden had not previously published the investigation publicly. This week, the senator blows up Morehead in a published letter accusing hedge fund managers and crypto investors of refusing to cooperate with the Senate’s finances.

“Your lawyer was initially willing to help my staff with this investigation, but they almost disappeared,” Wyden wrote.

letterIt was sent to Morehead on Tuesday, and said the crypto-centric venture capitalist may have received inappropriate tax advisors. This led to the company earning hundreds of millions of dollars from selling large Pantera jobs before gaining a Puerto Rican residence, and then declared it would be exempt from US taxes.

Wyden argued that this was a misinterpretation of Puerto Rico’s tax law, but he said he would require new residents of the island’s territory to pay US taxes on such transactions for ten years after the move.

“These are serious allegations of potential abuse of Puerto Rico’s tax incentives to avoid paying US taxes that you have to deal with immediately,” Wyden wrote.

Morehead did not respond DecryptionRequest for comment on this story.

As the Trump administration moved aggressively to create favorable terms for crypto companies and investors, the Pantera capital of Morehead spun several new ventures to take advantage of the moment.

The company has spent hundreds of millions of dollars on digital asset financing companies trading on Wall Street, and is gaining popularity amid this year’s promises. Beneficial, danger Returns. Recently released $1.25 billion effort Converts published neurotechnical companies into the large-scale Solana Treasury Ministry.

Earlier this week, the company’s Helius Medical Technologies created medical devices that were once designed to improve the lives of people with neurological diseases. It has been changed Its name is Solana Company. Company website tab in title “Our Technology” and “Our Research” It appears to be deactivated.