The White House is reviewing the proposed crypto asset reporting framework

ChainCatcher reported that the White House is currently reviewing a proposed rule submitted by the U.S. Department of the Treasury, which would enable the United States to join the international Crypto-Asset Reporting Framework (CARF). Once approved and implemented, this framework will allow the IRS to automatically obtain transaction information from U.S. citizens’ overseas cryptocurrency accounts in order to combat international tax evasion.

CARF is a global agreement created by the Organisation for Economic Co-operation and Development (OECD) in 2022, aiming to enhance the transparency of crypto asset transactions through the automatic exchange of information among member countries. Advisors to former U.S. President Trump have previously released reports recommending that the U.S. adopt CARF, believing 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 already been signed and adopted by dozens of countries, including most G7 members and major crypto hubs such as Singapore and the UAE. Its global implementation is scheduled to begin information exchange in 2027. The White House emphasized that the proposed CARF rules should not impose any new reporting requirements on decentralized finance (DeFi) transactions.