The White House proposed legislation for U.S. taxpayers to report and pay taxes on overseas cryptocurrency accounts

ChainCatcher news, according to Decrypt, the White House proposed on Wednesday local time that Congress consider legislation requiring American taxpayers to report "overseas digital asset accounts." The Trump administration stated that this move would help prevent Americans from transferring crypto assets overseas.

The policy proposal states that this policy shift will "promote the development and use of digital assets in the United States and alleviate concerns that the lack of a reporting mechanism could put the U.S. or U.S. digital asset trading platforms at a disadvantage."

This suggestion is one of several proposals in a 168-page crypto report released by the Digital Asset Market Working Group on Wednesday. The working group is led by David Sacks, the White House's Director of Crypto and Artificial Intelligence Affairs.