Roger Ver’s Legal Team Challenges US Tax Evasion Case as Unconstitutional

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As a researcher, I find myself intrigued by the fascinating yet complex journey of Roger Ver, who has been a significant figure in the world of cryptocurrency. Known as “Bitcoin Jesus” for his early advocacy and investment in Bitcoin, he has undeniably left an indelible mark on the crypto community.

Roger Ver, widely popular as “Bitcoin Jesus” in the crypto community, is fighting to have his tax evasion indictment dismissed. In a federal court filing in Los Angeles, his lawyers claimed that the Internal Revenue Service’s (IRS) exit tax — applied to wealthy individuals renouncing their US citizenship — is unconstitutional and unfairly burdensome.

In 2014, Ver, who relocated overseas, faces accusations of not paying $48 million in taxes associated with the sale of cryptocurrency assets worth approximately $240 million. The IRS asserts that Ver hid the actual value of his Bitcoin holdings and falsified the worth of his businesses during the exit procedure. Yet, his legal team argues that he acted honestly, following the advice of legal advisors and appraisers to fulfill his tax duties under ambiguous regulatory guidelines.

According to Ver’s legal team, the prosecutors failed to consider evidence showing that Ver aimed to adhere to tax regulations. Among this evidence is an email in which Ver expresses a wish to prevent further disagreements with the Internal Revenue Service (IRS).

According to the prosecution’s allegations, Ver is accused of not disclosing details about cryptocurrency sales made through his businesses, MemoryDealers and Agilestar, during 2017. These sales supposedly brought in approximately $240 million, a significant portion of which the prosecutors assert was not reported truthfully by Ver.

In addition to asserting that Ver’s legal team claims misbehavior by Internal Revenue Service agents, they accuse these agents of violating attorney-client confidentiality during an unscheduled meeting with one of his tax lawyers. This allegation mirrors a 2022 Supreme Court case, rumored to pertain to Ver, which was eventually closed without a verdict in 2023.

At present, Ver finds himself in Mallorca, Spain, anticipating a court ruling that will determine if he is to be sent to the United States to answer charges in a potentially groundbreaking cryptocurrency tax case.

From Crypto Evangelist to Controversial Figure

Ver’s adventure into cryptocurrencies started back in 2011 when he purchased Bitcoin for less than a dollar, making him one of its pioneering supporters. His portfolio includes shares in Blockchain.com, BitPay, and Ripple. Following his separation from the Bitcoin community in 2017, Ver advocated for Bitcoin Cash, highlighting its promise as a more efficient payment system.

In 2022, Roger Ver resurfaced on a platform previously known as Twitter and expressed his support for Dogecoin. At that moment, he emphasized that Dogecoin, being a top meme token, offered superior payment options compared to Bitcoin due to its quick transaction times and lower fees.

Apart from his ongoing tax dispute, Ver has faced accusations of unpaid debts in the past. In 2022, Genesis filed a lawsuit against him for about $20.8 million due to crypto options, while CoinFLEX alleged he failed to honor a $47 million contract. This debt supposedly escalated to $84 million. The financial difficulties at CoinFLEX resulted in its restructuring. Ver has denied these claims without providing substantial counterarguments.

Despite maintaining a strong standing as a pioneer in the crypto field, Ver’s legal issues and accusations of poor financial management have made his overall impact somewhat complex and contentious.

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2024-12-04 12:39