15.02.2025 12:27

The US Senate Finance Committee is investigating Dan Morehead, founder of Pantera Capital, for alleged violations of federal tax laws. This inquiry, spearheaded by Senator Ron Wyden, follows Morehead's relocation to Puerto Rico, a jurisdiction frequently cited as a tax haven due to its Act 60, which offers significant tax incentives, including zero tax on passive income and reduced corporate rates.

Specifically, the Senate Finance Committee alleges that Morehead profited substantially from the sale of assets after relocating to Puerto Rico. A formal letter from the committee details these accusations, highlighting concerns about the extent of capital gains generated from these transactions. Crucially, the committee demands further details on these transactions and has requested the identification of Morehead's tax advisor. In addition, they have urged Morehead to disclose all assets sold during his time in Puerto Rico, including cryptocurrency holdings.

Morehead has publicly defended himself, asserting that his move to Puerto Rico in 2021 was accompanied by the necessary compliance measures with tax regulations at that time. This recent investigation, therefore, presents a notable development, potentially creating a challenge for the cryptocurrency industry at a time when the administration has returned to office.

Pantera Capital, the subject of this investigation, is a significant player in the American cryptocurrency investment landscape, established in the early 2000s. Its portfolio includes substantial holdings in prominent crypto firms like Circle, Ripple, and Coinbase. The firm's involvement with this particular investigation adds a layer of complexity to the evolving narrative surrounding cryptocurrency investment strategies and regulatory compliance. The committee's action, though, potentially highlights a broader trend of scrutinizing high-net-worth individuals taking advantage of tax havens.