Trump Administration Considers IRS Access to Foreign Crypto Holdings Under CARF
The Trump administration is evaluating a proposal to grant the IRS authority to access and tax Americans' foreign cryptocurrency accounts. This move aligns with the Crypto-Asset Reporting Framework (CARF), a global tax transparency initiative already adopted by most G7 nations. The White House argues CARF implementation would deter capital flight to offshore exchanges while fostering domestic digital asset growth.
Earlier this year, Trump's crypto advisors endorsed U.S. participation in CARF, set for global rollout by 2027. The framework targets tax evasion by improving visibility into cross-border crypto holdings. 'Implementing CARF would promote the growth and use of digital assets in the United States,' stated the administration, framing it as a competitive necessity for U.S. exchanges.
