Senator Wyden Probes Pantera Founder Morehead Over $100M Puerto Rico Tax Avoidance Allegations

Senate Finance Committee Ranking Member Ron Wyden is investigating Dan Morehead, founder of Pantera Capital, for allegedly avoiding over $100 million in U.S. taxes by misrepresenting his residency status and exploiting Puerto Rico's tax incentives. Wyden claims Morehead treated substantial capital gains from a crypto sale as exempt from U.S. taxes, despite most gains accruing while he resided in California. Morehead's attorneys initially engaged but have since become unresponsive, intensifying concerns of noncooperation. Wyden also alleges Morehead was advised by an attorney linked to a client who pled guilty to a tax fraud scheme involving similar Puerto Rico tax rules. The Senate probe focuses on the timing of Morehead's residency, the legitimacy of his tax filings, and the advice he received under Puerto Rican tax law. Pantera Capital has referred inquiries to a previous statement where Morehead asserted he acted appropriately regarding his taxes.