Senate Finance Committee Chair probes “lack of safeguards” in crypto tax incentives

cointelegraph.com:

Democratic Senator Ron Wyden is digging into the activities of crypto companies that take advantage of tax breaks provided by the Opportunity Zone program.

Senator Wyden’s main concern stems from the perception that some crypto companies may be taking advantage of what he called “a lack of safeguards and transparency measures” in the Opportunity Zone program.

The concerns were raised in letters he sent to two companies and one individual. He wants to understand how they are providing the required reciprocal support for low-income communities as stipulated by the rules of the program.

The Oregon Senator wrote letters to crypto miners Argo Blockchain and Redivider Blockchain and to Opportunity Zone specialist accountant from accounting firm HCVT Blake Christian.

The Opportunity Zone program was implemented in 2017 and designed to offer tax incentives to companies that create jobs and drive private investment into economically distressed communities.

In his letters to Argo and Redivider, Wyden requested information about the extent to which each company is engaged in the Opportunity Zone program and when they began their involvement with it. He also asks them to provide information about how many jobs their operations have created, which is one of the core Common Good contributions the program was made for.

Democratic Senator Ron Wyden is digging into the activities of crypto companies that take advantage of tax breaks provided by the Opportunity Zone program.

Last July, Argo Blockchain CEO Peter Wall specifically stated that the location of his company’s Dickens County, Texas, mining facility was chosen specifically because of its inclusion in the Opportunity Zone and abundance of renewable energy. At the time, he told