#Bitcoin Review $GBTC #BTC - Sending The IRS After Crypto?

Bitcoin Review

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Sending The IRS After Crypto?

The Trump administration is moving toward adopting rules that would let the IRS access information on Americans’ foreign crypto accounts for tax purposes. The Treasury Department’s proposed regulations—aimed at joining the international Crypto-Asset Reporting Framework (CARF)—have reached the White House for review. CARF, created by the OECD in 2022, enables member countries to automatically share data on citizens’ crypto holdings to combat tax evasion. Many nations, including the G7 and several major crypto hubs, have already signed on. The White House and Trump’s crypto policy advisors have endorsed U.S. participation, arguing it would curb offshore tax avoidance and strengthen the domestic crypto industry, while clarifying that new rules should not add reporting requirements for DeFi transactions. Global CARF implementation is planned for 2027.

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