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      Prominent Cryptocurrency Investor Faces Senate Tax Inquiry

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      The Finance Committee’s top Democrat sent a letter last month to Dan Morehead, the founder of Pantera Capital, about the investigation.A Senate committee is investigating whether a prominent cryptocurrency investor violated federal tax law to save hundreds of millions of dollars after he moved to Puerto Rico, a popular offshore tax haven, according to a letter reviewed by The New York Times.Senator Ron Wyden, an Oregon Democrat, sent the letter on Jan. 9 to Dan Morehead, the founder of Pantera Capital, one the largest crypto investment firms.The letter said the Senate Finance Committee was investigating tax compliance by wealthy Americans who had moved to Puerto Rico to take advantage of a special tax break for the island’s residents that can reduce tax bills to zero.The investigation was focused on people who had improperly applied the tax break to avoid paying taxes on income that was earned outside Puerto Rico, according to the letter.“In most cases, the majority of the gain is actually U.S. source income, reportable on U.S. tax returns, and subject to U.S. tax,” the letter said.The letter requested detailed information from Mr. Morehead about $850 million in investment profits he made after moving to Puerto Rico in 2020, noting that he “may have treated” the gains as exempt from U.S. taxes.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      JD Vance Is in Charge of Getting a TikTok Deal. Can He Find a Buyer?

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      The vice president is in a tricky position as he looks for a deal to save the popular short-form video app, which is subject to being banned in the U.S. if it is not sold to a non-Chinese owner.Last week, an aide for Vice President JD Vance reached out to the billionaire Frank McCourt.The topic at hand was Mr. McCourt’s $20 billion long-shot offer to buy TikTok, the Chinese-owned video app. Mr. Vance’s aide wanted details about the bid, which was one of several public overtures for the app, according to two people familiar with the process.The inquiry was one of Mr. Vance’s earliest moves toward corralling a deal for the popular app after President Trump tapped him earlier this month to find an arrangement to save it. TikTok was recently banned in the United States under a new federal law that prohibited distribution in the country if it was not sold to a non-Chinese owner, though Mr. Trump delayed enforcement of the law until early April.Mr. Trump’s assignment plunges Mr. Vance into a fraught geopolitical and corporate negotiation over the fate of the app, which counts some 170 million American users. It is not clear who could buy TikTok in the United States, or even whether China or ByteDance, TikTok’s owner, would allow a sale. And the Trump administration is under scrutiny for its decision to disregard the law’s Jan. 19 deadline for a sale or a ban. Mr. Vance’s involvement ensures that he and Mr. Trump — both of whom once supported banning TikTok because of national security concerns — have some public accountability for saving it, according to analysts and people involved in negotiations for a sale. Tapping Mr. Vance could also help lend negotiations more credibility, said Peter Harrell, a former Biden White House official who worked on national security, tech and economic issues.“What he brings to the role is everybody’s going to take his call and take him seriously,” Mr. Harrell said. “Most people, given Trump has been pretty clear he’s tapped Vance for this, will assume that Vance is speaking for the president.”An electronic billboard for TikTok in Times Square. Mr. Vance’s involvement adds some credibility to the White House’s efforts to find new owner for TikTok.Juan Arredondo for The New York TimesWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      California Bill Would Force Insurers to Pay Full Coverage Without Requiring Itemization

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      A proposed new law would release homeowners from the onerous process of listing every object lost in a destroyed home.California’s insurance commissioner joined with state legislators on Friday to propose a new law that would force insurers to pay homeowners 100 percent of the coverage for belongings inside destroyed homes, releasing them from the mentally taxing process of listing every object they lost — a requirement of many insurers, and one that consumer advocates say only compounds the trauma.If passed, the legislation would make California the only state in the country requiring 100 percent insurance payouts without such itemization. Similar legislation in Oregon and Colorado following catastrophic fires in those states require insurers to pay 70 and 65 percent of the coverage limit, without an inventory, according to Emily Rogan, a senior program officer for United Policyholders, which supports the rights of consumers.The bill applies only to homes that were destroyed in a disaster and calls on insurance companies to pay a homeowner’s total contents coverage without forcing them to provide an inventory, according to the bill’s sponsor, California Insurance Commissioner Ricardo Lara, and the bill’s author, State Senator Ben Allen.“The idea here is, we say, ‘Look, this is the insurance plan that you own. You have a total loss, and we’re not going to require you to draw up this itemized list in this moment of incredible pain and vulnerability,’” said Mr. Allen, whose district includes the Pacific Palisades burn zone.Forcing homeowners to account for every last item in their former house is “inhumane,” said Mr. Lara, adding that he was inspired to name the bill “Eliminate ‘The List’” after The New York Times published an article detailing the experience of a homeowner in Altadena, Calif., as she attempted to itemize every T-shirt burned in the flames. “It’s hard to describe the agony in people’s faces,” he said.The proposed law comes a week after Mr. Lara issued a bulletin imploring insurance companies to voluntarily pay 100 percent of the contents coverage for homes destroyed in the recent fires. That notice did not have the force of law, and the commissioner said that “it’s clear that we need to go further,” based both on the Times’s reporting and on the feedback his office has received from distressed homeowners.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Defying Johnson, Graham and Senate G.O.P. Push Their Own Budget Plan

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      For days, Speaker Mike Johnson had called and texted Senator Lindsey Graham, imploring him to wait for the House to take the lead in the legislative drive to enact President Trump’s sweeping tax, budget and immigration agenda.When the three men converged in New Orleans on Sunday in the president’s suite at the Super Bowl, Mr. Graham shut him down in person.“I’m a huge fan, and nothing would please me more than one big, beautiful bill passing the House,” Mr. Graham recounted telling the speaker, a Louisiana Republican. But, he said, the Senate would press ahead with its own bill, adding, “We are living on borrowed time.”Senate Republicans have waited for weeks for their House colleagues to resolve their differences and agree to a budget blueprint that could unlock the party’s push to pass a vast fiscal package with only a simple majority vote. But House Republicans have remained divided over major issues, including how deeply to cut federal programs to pay for the bill, and have blown past several self-imposed deadlines.Enter Mr. Graham, the fast-talking fourth-term Republican senator from South Carolina and the chairman of the Senate Budget Committee.A loyal Trump ally who has long relished the opportunity to be in the middle of the action, Mr. Graham has made it clear in recent days that he has no intention of waiting for the House. Instead, Mr. Graham has advanced a budget plan that his committee is set to take up on Wednesday that would increase spending for the military and border security measures. He has promised that another bill extending the 2017 tax cuts will come later.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Hochul Halts Bill Aimed at Weakening Republican Control of House

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      Lawmakers were ready to pass a bill to delay a special election in New York State, but Gov. Kathy Hochul, who is in discussions with President Trump on congestion pricing, sidelined it.Gov. Kathy Hochul of New York pressured state legislative leaders on Monday to call off a vote on a bill designed to hobble Republicans’ House majority, frustrating fellow Democrats who were prepared to approve it.Neither Ms. Hochul nor leaders of the State Senate or Assembly gave any public explanation for the 11th-hour postponement. But in private conversations, the governor told them she was seeking to gain leverage in separate negotiations with President Trump over the future of the state’s new congestion pricing program, according to two officials familiar with the matter.If lawmakers had followed through, the vote would almost certainly have antagonized Mr. Trump by giving Ms. Hochul the power to delay until November a special election to fill the House seat that will be vacated by Representative Elise Stefanik, Republican of New York, Mr. Trump’s chosen U.N. ambassador, when she is confirmed by the Senate. A monthslong vacancy would deprive House Republicans of a crucial vote as they try to muscle Mr. Trump’s legislative agenda through Congress.Republicans currently control 218 seats in the House, including Ms. Stefanik’s in New York’s North Country, to the Democrats’ 215. (Republicans are expected to pick up two more seats in Florida in special elections in April.)It was not immediately clear if Mr. Trump had expressed dissatisfaction about the bill to the governor, causing her to call off the vote on the special election timing, or if Ms. Hochul was being strategic by wanting to hold a bargaining chit in their talks about congestion pricing. A spokesman for Ms. Hochul declined to comment.The governor’s intervention threw the future of the special election proposal into doubt and risked alienating a key ally: Representative Hakeem Jeffries of New York, the top House Democrat who had been aggressively lobbying the governor and state lawmakers to adopt it.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Trump Muses About a Third Term, Over and Over Again

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      The president’s suggestion that he would seek to stay in office beyond the constitutional limit comes as he has pushed to expand executive authority.Standing inside the Capitol for the National Prayer Breakfast on Thursday, President Trump declared his plans to resurrect an idea he had in his first term: to create a national garden filled with statues of notable Americans.The choice of who would be included would be “the president’s sole opinion,” Mr. Trump said, chuckling. And he was giving himself “a 25-year period” to make the selections.A short time later, at a breakfast at a Washington hotel, Mr. Trump flicked again at the prospect that his time in office could extend beyond two four-year terms.“They say I can’t run again; that’s the expression,” he said. “Then somebody said, I don’t think you can. Oh.”At the National Prayer Breakfast on Thursday, Mr. Trump spoke of giving himself a “25-year period” to choose statues for a national garden.Eric Lee/The New York TimesJust eight days after he won a second term, Mr. Trump — whose supporters attacked the U.S. Capitol on Jan. 6, 2021, in an effort to prevent Joseph R. Biden Jr.’s victory from being certified — mused about whether he could have a third presidential term, which is barred by the Constitution.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Amid Concern Over Trump Order, New Yorkers Rally to Support Trans Youth

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      Thousands of protesters in Union Square called for action against an executive order that threatens to withhold federal funding from hospitals that provide gender-affirming care.Bells, drums and chants rang out Saturday afternoon in Union Square in Manhattan as thousands of New Yorkers gathered to protest an executive order from the Trump administration targeting transgender children and teens.The order, which threatens to withhold federal funding from hospitals that provide gender-affirming treatments to trans youth, has left many local families worried and reeling.At the rally, parents and children came together with activists and lawmakers to share their stories and call for action against President Trump’s policies.Juno Krebs, 10, a nonbinary student from Brooklyn, said the executive order was “scary” and that it felt like the administration was “trying to take away our rights.”“I don’t identify as a girl or a boy, and I should be respected for that,” Juno said. “It doesn’t feel any different. It just feels like me, honestly.”For Michelle Byron, the mother of a transgender and nonbinary teenager, the order has raised painful and frightening questions about her child’s ability to continue receiving gender-affirming care, which can include hormone therapy, puberty blockers and surgery, though such procedures are rare for minors.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Delaware Law Has Entered the Culture War

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      Elon Musk has helped bring an esoteric debate around the Delaware Chancery Court to a national stage. Now Dropbox and Meta are contemplating moving their incorporation away from the state.The clubby insular world of corporate law has entered the culture war.First, Elon Musk started railing against Delaware, which for more than a century has been known as the home of corporate law, after the Delaware Chancery Court chancellor, Kathaleen McCormick, rejected his lofty pay package last year.Eventually he switched where Tesla is incorporated to Texas.Now, Dropbox has announced shareholder approval to move where it is incorporated to outside Delaware, and Meta is considering following suit. Others are also evaluating whether to make the move, DealBook hears.Musk’s ire against the state where nearly 70 percent of Fortune 500 companies are incorporated brought what would usually be an esoteric issue to the national stage and framed it, alongside hot button issues like diversity, equity and inclusion programs, as one further example of overreach.“You can blame McCormick or you can blame Musk — or you can say it’s a combination of the two of them — but it has turned it into a highly ideologically charged political issue, which it never, ever was before,” said Robert Anderson, a professor at the University of Arkansas School of Law.The drama over court rulings could have huge consequences for the economy and politics of Delaware, which counts on corporate franchise revenue for about 30 percent of its budget — and more, if you count secondary impacts like tax payments generated by the legal industry.At issue is a longstanding question in corporate America: How much say should minority shareholders have, especially in a controlled company? One side argues that founders like Mark Zuckerberg are given controlling shares, which give them outsize influence in a company, with the belief that they know what is best for a company. And minority shareholders buy into a company knowing their limitations. The other side argues these controlling shareholders are not perfect.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More