White House Demands Americans Disclose Offshore Crypto Holdings—Or Face the IRS
The Biden administration tightens its grip on crypto tax evasion—with a fresh push for citizens to report foreign digital asset accounts. No more 'forgetting' that Bahamian exchange.
Your offshore stash isn't invisible anymore
New enforcement guidance treats crypto like Swiss bank accounts of the 2000s. Fail to file FBARs for holdings over $10k? That's a felony—with penalties up to 50% of your portfolio value.
DeFi loopholes getting slammed shut
Regulators now track cross-chain transactions through partnerships with Chainalysis. 'Anonymous' wallets? Not when CEXs hand over KYC data during investigations.
Another win for crypto's ironic journey toward institutionalization—where decentralization gets taxed into compliance. The revolution will be audited.
