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

The White House is considering proposed Treasury rules that would enable the IRS to access data on Americans' foreign cryptocurrency accounts. This initiative aligns the U.S. with the global Crypto-Asset Reporting Framework (CARF), already accepted by many G7 nations and significant crypto jurisdictions. CARF aims to combat offshore tax evasion through automatic information sharing among participating countries. President Trump's advisors advocate for this move, arguing that it could deter U.S. taxpayers from relocating their cryptocurrency holdings abroad. With this rule, the IRS could enforce tax liabilities on foreign-held crypto assets, marking a significant shift in regulatory oversight for cryptocurrency.

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