TechFlow news — On February 15, according to The New York Times, the U.S. Senate Committee on Finance is investigating Dan Morehead, founder of cryptocurrency investment firm Pantera Capital, over tax compliance issues.
On January 9, Democratic Senator Ron Wyden sent a letter to Morehead, inquiring whether tax incentives were improperly applied to $850 million in investment gains he earned after relocating to Puerto Rico in 2020.
The Senate Committee on Finance is particularly focused on wealthy Americans using Puerto Rico's tax incentive programs to avoid taxes, stressing that the majority of such income is effectively derived from U.S. sources and should therefore be subject to U.S. taxation.
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