Ron Wyden, the Democratic Senator is searching and looking into all the actions of companies related to the crypto industry that is taking advantage of breaks in tax which can be enabled by the program Opportunity Zone. Ron Wyden is concerned about the fact that some companies are utilizing the lack of transparency and safeguard measures in the Opportunity Zone program to their advantage.
Ron Wyden Wrote Three Letters To Christian, Argo, And Redivider
These concerns were officially sent to one individual person and two crypto companies to make them very clear. He asked the mentioned people and companies to reveal or show relevant data about the ways they are helping communities with low-income as mentioned by the regulation and rules of the program.
In this regard, Ron Wyden has even sent letters to Argo Blockchain and Redivider Blockchain, the renowned crypto miners along with Blake Christian the accountant of HCVT. The program was launched in 2017 and was designed to provide tax relief or benefit to crypto companies that are known for creating employment and converting all private investments into communities that have been economically disrupted.
Ron Wyden wants every little detail about all the firms and the extent to which they are involved with the program. He asked Redivider and Argo about proper data that will show the number of job opportunities these firms created as per their promise. Peter Wall, the CEO of Argo Blockchain stated last year that he chose Texas as an ideal location for his company as he is associated with the program and there is a huge amount of renewable energy.
Similar questions have been thrown towards Christian who must give names of all the projects of crypto mining his investors have provided funds and how many job opportunities the companies are establishing. None of these three mentioned people have given a response to these letters.
