The White House is reviewing the proposed framework for cryptocurrency asset reporting

The White House is currently reviewing proposed rules submitted by the U.S. Department of the Treasury that would allow the United States to join the international Crypto Asset Reporting Framework (CARF). Once approved and implemented, this framework will enable the Internal Revenue Service (IRS) to automatically obtain transaction information about U.S. citizens' cryptocurrency accounts held overseas, in order to combat international tax evasion.

CARF is a global agreement created by the Organisation for Economic Co-operation and Development (OECD) in 2022, aimed at increasing the transparency of crypto asset transactions through the automatic exchange of information between member countries. Advisors to former President Trump had previously released a report recommending that the U.S. adopt CARF, arguing that it would prevent U.S. taxpayers from transferring digital assets to overseas digital asset exchanges and promote the development of the U.S. digital asset market.

CARF has been signed and adopted by dozens of countries, including most G7 member states and major crypto hubs such as Singapore and the UAE, with a global implementation plan set to begin information exchange in 2027. The White House emphasized that the proposed CARF rules should not impose any new reporting requirements on decentralized finance (DeFi) transactions.