White House evaluates IRS proposal on taxing Americans’ foreign crypto
Crypto Briefing
The White House is reviewing an IRS proposal to tax Americans' foreign cryptocurrency holdings under the global CARF framework.Summary
The White House is currently evaluating a proposal from the IRS that seeks to implement rules for taxing cryptocurrencies held by Americans overseas. This initiative is tied to the proposed Treasury rules for the US to join the global Crypto-Asset Reporting Framework (CARF), which was established by the OECD in 2022. CARF mandates that member nations share data on crypto accounts to combat tax evasion. Over 40 countries, including G7 members and crypto centers, have already agreed to participate. Advisors to the Trump administration previously supported joining CARF, arguing it would help prevent capital flight and bolster US crypto markets.
(Source：Crypto Briefing)