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The White House is weighing a proposal that could give the IRS direct visibility into Americans' offshore crypto accounts, signaling the biggest shift in U.S. digital-asset oversight in years.
The proposal, as reported first by Decrypto on Monday, involves joining the Crypto-Asset Reporting Framework, a system created by the OECD in 2022.
CARF requires participating nations to automatically share information about citizens' cryptocurrency holdings.
It is designed to curb offshore tax evasion and improve global transparency.
Most G7 nations have already adopted the framework, including Japan, Germany, France, Canada, Italy, and the United Kingdom.
Crypto hubs such as Singapore, the UAE and the Bahamas are also members.
The United States is one of the few major financial centers not yet committed to the system.
Earlier this year, the Trump administration urged Treasury and the IRS to pursue the policy to strengthen transparency.
White House advisors said CARF participation would discourage Americans from moving digital assets offshore.
They argued that automatic reporting would reduce incentives for taxpayers to maintain undeclared foreign accounts.
The administration also said joining CARF would prevent American exchanges from being disadvantaged against compliant foreign competitors.
The policy report instructed Treasury and the IRS to draft rules for U.S. implementation.
It also stated that new regulations "should not impose any new reporting requirements on DeFi transactions," reflecting industry concerns about excessive oversight.
Global CARF implementation begins in 2027, giving member nations time to finalize compliance rules and build cross-border data systems.
If approved, the United States would coordinate with many jurisdictions on shared tax-reporting standards for digital assets.
The review is a major regulatory move in the administration's second term and aligns with broader federal crypto oversight efforts.
SEC Chair Paul Atkins recently outlined narrow conditions under which some tokens may be treated as securities, underscoring a more targeted regulatory approach.
Global crypto reporting is entering a phase where privacy, sovereignty and tax enforcement collide at a scale the market has never confronted.
If the U.S. joins CARF, exchanges in Singapore, the UAE, and the Bahamas would automatically send wallet and transaction data on American users back to Washington.
That would turn offshore wallets into transparent, reportable accounts overnight, closing a loophole traders have relied on for more than a decade.
It also signals that crypto is moving into the same compliance universe as traditional banking, with cross-border transparency replacing jurisdictional arbitrage.
For investors, it marks the start of a world where moving assets abroad may no longer remove them from the IRS's line of sight.
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Posted In: $BTC
