The White House reviews the proposal for the U.S. to join the global crypto tax framework CARF

The White House has begun reviewing the proposal submitted by the Treasury Department to join the Crypto Asset Reporting Framework (CARF), which will allow the IRS to obtain data on Americans' overseas crypto accounts.

CARF was initiated by the OECD in 2022, aiming to combat offshore tax evasion through automatic information sharing among countries. Currently, dozens of countries, including the G7, have signed on. The Trump administration supported the proposal, believing it would curb the outflow of crypto assets and ensure that U.S. regulations align with international standards. The global implementation of CARF is expected to start in 2027.