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

The White House is currently evaluating proposed regulations from the Treasury Department that aim to enhance the IRS's ability to access information about Americans’ foreign cryptocurrency accounts. These proposed rules would facilitate U.S. participation in the global Crypto-Asset Reporting Framework (CARF), which is designed to combat tax evasion by enabling automatic sharing of crypto account information among member nations. Most G7 countries and several crypto hotspots, including Singapore and the Bahamas, have already adopted CARF. The Trump administration's advisors are in favor of joining this framework, arguing that it would discourage U.S. taxpayers from transferring their crypto assets abroad. The proposal has reached the White House, where it awaits further review by presidential advisors. This initiative follows a broader push by the Trump administration to tighten regulatory oversight on cryptocurrency and its associated tax obligations.

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