As a seasoned analyst with years of experience under my belt, I find myself intrigued by the ongoing legal battle between Roger Ver, the Bitcoin Jesus, and the US authorities. With his colorful past that includes stints in federal prison for selling explosives on eBay and recent financial disputes, it’s no surprise that he finds himself embroiled in yet another high-stakes drama.
Roger Ver — also known as “Bitcoin Jesus” — has urged a United States judge to dismiss a case from US prosecutors alleging he committed tax evasion when selling millions of dollars in Bitcoin, claiming the case is unconstitutional.
According to documents submitted to a federal court in California on December 3rd, Ver contends that the Internal Revenue Service’s (IRS) exit tax for individuals who relinquish their U.S. citizenship when they possess assets exceeding $2 million is both unconstitutional and confusing to an extreme degree.
In argument, it was stated that the contested ‘exit tax’ contradicts both the Apportionment Clause and the Due Process Clause of the U.S. Constitution. Furthermore, it was pointed out that the fees are based on uncertain provisions within U.S. tax law, which were unclear as to how they applied to the digital assets similar to those involved in the charges.
To guarantee that U.S. citizens settle all necessary taxes, the IRS’ expatriation tax is designed for individuals who choose to relinquish their U.S. citizenship and disengage from the American tax system.
Ver asserted that prosecutors illegally questioned one of his attorneys and disregarded vital papers, which he argued proved there was no intention to file a falsified tax return on his part.
On the 30th of April, the U.S. Attorney’s Office in Los Angeles announced that they had apprehended Ver in Spain and indicted him for tax evasion and fraud. The accusation claims he illegally avoided paying over $48 million in taxes by neglecting to declare capital gains from the sale of approximately tens of thousands of Bitcoins, which were exchanged for a cash sum of around $240 million.
According to Ver, there were numerous significant obstacles preventing him from submitting a valid exit tax application, such as the scarcity of active Bitcoin markets at the time. Nevertheless, the U.S. government firmly believes that Ver submitted a fraudulent and misleading exit tax after relinquishing his American citizenship in favor of Japanese citizenship in 2014.
As a crypto investor, I’ve come across some troubling news about Ver. It appears he’s been accused of mail fraud, tax evasion, and submitting falsified tax returns. If found guilty on all charges, he could potentially serve up to 30 years in federal prison.
Ver was among the initial champions of Bitcoin, purchasing large quantities of it in 2011 when its value was below $1 and promoting it zealously as a digital currency. In 2017, he became one of the most vocal supporters of Bitcoin Cash (BCH) following a split in the Bitcoin network.
2022 saw Ver entangled in a controversy involving CoinFlex, alleging an outstanding debt of approximately $47 million in US Dollar Coins (USDC).
In 2002 and 2003, he spent 10 months in federal prison in the US for selling explosives on eBay.
The US Department of Justice did not immediately respond to a request for comment.
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2024-12-04 05:39