According to a report by CNBC, the Washington, D.C. Attorney General’s Office announced on Monday (3rd) that MicroStrategy, a US-listed company holding a large amount of Bitcoin, and its founder Michael Saylor have agreed to pay $40 million to settle a tax fraud lawsuit.
Attorney General Brian Schwalb alleges in a civil complaint filed in 2023 that Saylor, between 2005 and 2021, pretended to be a resident of low-tax areas such as Florida and Virginia, evading over $25 million in Washington, D.C. income taxes, while his actual residence was a luxury penthouse in Washington.
The Washington, D.C. Attorney General accuses Saylor and MicroStrategy of tax evasion, claiming that the company helped its founder conceal his residency in Washington, D.C., thereby avoiding higher income taxes. It is alleged that MicroStrategy also failed to pay the required corporate taxes for employing Washington, D.C. residents, and Saylor is just one of them.
According to The New York Times, Saylor has objected to these charges, stating:
Are Stablecoins Primarily Used for Money Laundering? Blockchain Analysis Firm Reports 99% of Stablecoin Transactions Will Be for Legitimate Purposes in 2024.
Table of Contents Toggle Stablecoin Usage Becomes Increasingly Compliant TRM …