U.S. Senator Ron Wyden has criticized crypto billionaires for exploiting Puerto Rico's tax incentives, accusing them of evading local tax investigations. This scrutiny could lead to changes in U.S. tax policy on digital assets. Prominent figures like Dan Morehead and Brock Pierce are reportedly benefiting from these incentives, which are estimated to cost Puerto Rico's government $4.5 billion.
The Fair Taxation of Digital Assets in Puerto Rico Act, introduced by Rep. Nydia Velázquez, seeks to address these tax practices. Financial experts anticipate increased IRS scrutiny and potential regulatory adjustments, reflecting a trend towards tighter crypto regulation.
Senator Wyden Targets Crypto Billionaires Over Puerto Rico Tax Evasion
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