White House Reviews Treasury Plan for IRS Access to Foreign Crypto Data
The White House is currently evaluating a Treasury Department proposal that would integrate the United States into the global Crypto-Asset Reporting Framework (CARF). This move aims to align U.S. tax enforcement with international standards, targeting offshore crypto-related tax evasion. The framework, set for a worldwide rollout in 2027, would grant the IRS automatic access to foreign crypto account data tied to American taxpayers.
Treasury officials emphasize that the proposal maintains existing domestic reporting structures while enhancing compliance. Notably, decentralized finance (DeFi) users WOULD face no additional reporting burdens under the plan. The review follows months of internal deliberations as cross-border crypto reporting requirements tighten globally.
