- The Trump administration is reviewing a plan to allow the IRS to access and tax Americans’ foreign cryptocurrency accounts.
- The United States may join the Crypto-Asset Reporting Framework (CARF), a global tax-reporting agreement.
- CARF is designed to improve transparency of digital asset holdings and reduce tax evasion, already adopted by most G7 nations and major crypto hubs.
- The global implementation of CARF is scheduled for 2027, aiming to oversee offshore crypto asset exchanges.
The Trump administration is considering a proposal that would permit the Internal Revenue Service (IRS) to access information about Americans’ foreign cryptocurrency accounts for taxation purposes. This move supports the United States joining the Crypto-Asset Reporting Framework (CARF), an international tax-reporting agreement.
Earlier in 2025, the White House encouraged the Treasury Department and IRS to adopt regulations aligned with CARF to enhance transparency on foreign crypto holdings. CARF aims to combat tax evasion and fraud by enabling tax authorities to share information on digital assets. The framework has been adopted by most G7 countries and major cryptocurrency centers worldwide.
According to statements made by the White House, “Implementing CARF would discourage U.S. taxpayers from moving their digital assets to offshore digital asset exchanges.” The administration also noted that it would “promote the growth and use of digital assets in the United States and alleviate concerns that the lack of a reporting program could disadvantage the United States or U.S. digital asset exchanges.” Earlier this summer, crypto advisors working with Donald Trump recommended that the U.S. become a part of CARF as well.
CARF’s global enforcement is expected to begin in 2027. At the time of this announcement, the cryptocurrency market was experiencing a descending wedge pattern, which often precedes potential price declines.
More information on CARF and the White House’s endorsement of foreign crypto tax rules can be found here.
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