The White House is currently reviewing allowing the IRS to view citizens' offshore cryptocurrency assets.

The White House is currently reviewing a proposed rule submitted by the U.S. Treasury Department that would allow the U.S. to join the international Crypto Asset Reporting Framework (CARF). Once approved and implemented, this framework would allow the IRS to automatically access transaction information from U.S. citizens' overseas cryptocurrency accounts, combating international tax evasion. CARF is a global agreement created by the OECD in 2022 to improve transparency in crypto asset transactions through the automatic exchange of information among member countries. Advisors to U.S. President Trump have 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 members and major crypto hubs such as Singapore and the UAE, with its global implementation plan to begin information exchange in 2027. The White House emphasizes that the proposed CARF rule should not impose any new reporting requirements on decentralized finance (DeFi) transactions. (Decrypt)