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White House Reviews Proposed IRS Rule to Tax Americans' Foreign Crypto Accounts

The White House is reviewing proposed rules from the Treasury Department to adopt the Crypto-Asset Reporting Framework (CARF), a global initiative aimed at curbing offshore tax evasion by enabling automatic information-sharing about citizens' crypto holdings. This move would empower the IRS to collect data on Americans' foreign crypto accounts. CARF, launched by the Organization for Economic Cooperation and Development in 2022, has already been adopted by several G7 nations and notable crypto hubs. Advisors to the Trump administration advocate for joining CARF, arguing it would prevent U.S. taxpayers from transferring their cryptocurrencies abroad to evade tax obligations. With discussions currently underway, the proposal represents a significant step in tightening regulations around cryptocurrency holdings and enhancing compliance.

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