Outside Source
The US Senate Finance Committee sent a letter asking Pantera Capital founder Dan Morehead for information on more than $850 million in crypto profits.
Newsletter
Pantera Capital founder Dan Morehead received a letter from the US Senate Finance Committee (SFC) requesting information on over $850 million in profits earned after moving to Puerto Rico in 2020. The SFC reportedly said in a letter that the executive may have treated the profits as exempt from US tax.
The SFC said it is investigating tax compliance among wealthy Americans who have moved to Puerto Rico. The government agency added that in most cases, the majority of gains are from US income sources and are subject to US taxes.
In a statement, Morehead said he “acted appropriately” concerning his taxes.
Argentine lawyers hit Milei with fraud charges, class action over LIBRA
Argentine lawyers filed charges against Argentina’s President Javier Milei for promoting a crypto asset called Libra (LIBRA). The token briefly pumped to a market capitalization of $4.56 billion on Feb. 14 when Milei posted about the token and fell by over 94% after he deleted the post.
The act prompted accusations of a pump-and-dump scheme. Lawyers Marcos Zelaya and Jonatan Baldiviezo, along with engineer María Eva Koutsovitis and economist Claudio Lozano, filed a criminal complaint against the Argentine president, alleging that Milei was complicit in fraud by promoting the token.
SEC asks for 28 more days to respond to Coinbase’s appeal
The US Securities and Exchange Commission requested an additional 28 days to respond to Coinbase’s appeal in its ongoing lawsuit. The agency said its new crypto division may potentially end the legal battle.
In a filing, the SEC said the task force’s work may affect and “could facilitate the potential resolution” for both parties. Meanwhile, Coinbase agreed to the SEC’s request to extend its response deadline from Feb. 14 to March 14.
SEC Crypto Task Force met with firms to discuss staking, litigation review
The SEC’s crypto task force met with crypto and traditional finance organization representatives to discuss regulations impacting digital assets.
The task force met with the Blockchain Association, Jito Labs, Multicoin Capital, Nasdaq, Andreessen Horowitz and Sullivan & Cromwell on separate occasions between Feb. 5 and Feb. 7, according to the agency’s website.
Issues discussed ranged from reviewing and correcting “erroneous interpretations of the law” to adding staking to exchange-traded products (ETPs) and token classification and issuance.
Memecoins not under SEC oversight, Peirce says as TRUMP losses hit $2 billion
SEC Commissioner Hester Peirce said memecoins like Official Trump (TRUMP) are outside the agency’s jurisdiction. The government official said many memecoins “probably do not have a home in the SEC” under its current regulations. The official said their regulation would likely be for other agencies and Congress to consider.
Her comments on the memecoin regulation came as 813,000 wallets lost $2 billion after buying the TRUMP memecoin. The token lost 80% of its value after peaking at $72.60 with a market capitalization of $14.5 billion on Jan. 19. At the time of writing, the token trades at $17.48 with a market cap of $3.5 billion.
This article first appeared at Cointelegraph.com News
