⚡ Roger Ver, "Bitcoin Jesus," Battles Tax Evasion Charges
posted 4 Dec 2024
Crypto tycoon Roger Ver is in the spotlight for alleged tax evasion. While authorities press charges, Ver maintains he followed legal advice. Will "Bitcoin Jesus" walk free or face time behind bars?
Crypto tycoon Roger Ver is in the spotlight for alleged tax evasion. While authorities press charges, Ver maintains he followed legal advice. Will "Bitcoin Jesus" walk free or face time behind bars?
Spanish authorities arrested Ver this year during a blockchain privacy conference in Barcelona, acting on a request from U.S. officials. At the time, Ver was promoting his new book, Bitcoin Hijacking: The Hidden History of BTC, which argues that government regulation has distorted the original vision of cryptocurrencies.
The 45-year-old Bitcoin evangelist’s legal team asserts that the charges stem from political motivations, accusing the Biden administration of targeting the crypto industry.
Ver asserts that he followed the recommendations of a legal firm he hired to facilitate his departure from the U.S. He points out that back then, the crypto market was unregulated, and no clear tax policies for digital assets existed. His legal team, he adds, was working within a framework of considerable ambiguity.
He draws attention to the fact that unloading a large quantity of Bitcoin at once would have led to a steep drop in prices, particularly in the illiquid crypto market of 2014.
To prevent this, his lawyers advised him to rely on an independent valuation to set a more realistic price. If the valuation turned out to be inaccurate, Ver maintains, it was an oversight on the part of the auditors, not him.
Facing accusations of tax evasion, Roger Ver is alleged to owe nearly $50 million. The charges relate to a 2017 BTC sale worth $240 million and claims he undervalued his crypto holdings in 2014, the year he gave up U.S. citizenship and moved to Saint Kitts and Nevis, a well-known Caribbean tax haven.
Spanish authorities arrested Ver this year during a blockchain privacy conference in Barcelona, acting on a request from U.S. officials. At the time, Ver was promoting his new book, Bitcoin Hijacking: The Hidden History of BTC, which argues that government regulation has distorted the original vision of cryptocurrencies.
Roger Ver, out on bail in Spain, faces potential extradition to the United States, with his trial scheduled for February 3, 2025.
The 45-year-old Bitcoin evangelist’s legal team asserts that the charges stem from political motivations, accusing the Biden administration of targeting the crypto industry.
Roger Ver, famously known as an evangelist for Bitcoin. Source:emprendedor
In a bid to dismiss the case, Ver’s lawyers have pointed to unconstitutional government interference and the use of fabricated evidence. They are hopeful that a more supportive Trump administration could bring the matter to a close.
The Basis of Roger Ver’s Legal Defense
The attorneys representing “Bitcoin Jesus” suggest that the accusations might be politically motivated, rooted in Ver’s public criticism of the U.S. government and his libertarian ideals.
Ver asserts that he followed the recommendations of a legal firm he hired to facilitate his departure from the U.S. He points out that back then, the crypto market was unregulated, and no clear tax policies for digital assets existed. His legal team, he adds, was working within a framework of considerable ambiguity.
He draws attention to the fact that unloading a large quantity of Bitcoin at once would have led to a steep drop in prices, particularly in the illiquid crypto market of 2014.
To prevent this, his lawyers advised him to rely on an independent valuation to set a more realistic price. If the valuation turned out to be inaccurate, Ver maintains, it was an oversight on the part of the auditors, not him.
On the issue of capital gains tax from his 2017 Bitcoin sale, Ver states that his lawyers assured him he was not liable. They reasoned that, having paid his exit tax in 2014 and completed his U.S. tax obligations, any subsequent cryptocurrency transactions were untaxed since he had already become a Japanese citizen by then.
Roger Ver’s book has captivated the crypto community. Source: Х
Ver’s defense team maintains that he relied on professional legal advice and acted in accordance with the recommendations he was given. They note that at the time of his departure from the U.S., there were no definitive cryptocurrency tax rules, making accurate compliance unattainable.
A guilty verdict could result in a prison sentence of up to 10 years for Roger Ver.
As one of the crypto world’s most divisive figures, Ver continues to be a topic of contention. For more context, check “Roger Ver: The Bitcoin Evangelist with a bad temper”.
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