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White House Advances Review of IRS Plan to Tax Americansʼ Foreign Crypto Holdings Under Global Reporting Framework The White House has formally begun reviewing a Treasury and IRS regulatory proposal that would extend US tax reporting requirements to Americansʼ foreign digital-asset accounts, according to an official filing on the Office of Information and Regulatory Affairs OIRA) website.

The rule, listed under RIN 1545BQ82, “Regulations Under Sections 6038D and 6048 Regarding Information Reporting for Foreign Digital Asset Accountsˮ, appears in the federal governmentʼs regulatory agenda and confirms that the Treasury is advancing measures aligned with the OECDʼs Crypto-Asset Reporting Framework CARF.

CARF establishes a global architecture for automatic, cross-border information exchange on digital-asset holdings, mirroring the structure of the Common Reporting Standard CRS) but tailored to crypto. The framework has already been adopted by major jurisdictions including the United Kingdom, Germany, and Japan, as well as crypto hubs such as Singapore and the United Arab Emirates, signaling accelerating international convergence on digital-asset transparency.

According to the Treasury, joining the framework would help deter US taxpayers from moving assets offshore to avoid detection while simultaneously giving US-based exchanges a competitive advantage against foreign platforms that would be required to report American usersʼ activity.

The White House, however, stressed that the rule must avoid creating additional reporting burdens for decentralised-finance DeFi transactions, signalling an attempt to balance tax enforcement with innovation-sensitive areas of the crypto ecosystem.

If enacted, the proposal would mark one of the broadest expansions of IRS visibility into Americansʼ digital-asset activity, effectively integrating US tax enforcement into a coordinated international network designed to close gaps in offshore crypto compliance.