The White House is reviewing the tax policy on overseas encryption assets, and the cross-border regulatory framework may be adjusted.

On November 18, Decrypt reported that the Trump administration is pushing a regulatory proposal aimed at authorizing the IRS to obtain key information about citizens' overseas crypto accounts and implement taxation. According to the government website, the Treasury's proposal for the United States to join the international crypto tax reporting framework was submitted to the White House on Friday, and the president's advisory team will conduct a review. Earlier this year, the White House urged the Treasury and IRS to develop relevant rules to facilitate the U.S. joining the “Crypto Asset Reporting Framework” established by the OECD in 2022. This multilateral agreement requires member countries to automatically share citizens' crypto asset information to combat cross-border tax evasion; currently, Japan, Germany, France, Canada, Italy, the UK, and crypto hubs like the UAE, Singapore, and the Bahamas have signed on. In the crypto policy report released this summer, Trump's crypto advisory team recommended that the U.S. join this framework. The White House noted at the time: “Implementing CARF will prevent taxpayers from transferring digital assets to overseas trading platforms, promote the rise of digital asset applications in the U.S., and avoid the competitive disadvantage caused by a lack of reporting mechanisms.” The report calls for the Treasury and IRS to study specific implementation plans but emphasizes that “new reporting requirements should not be set for DeFi transactions.” According to the plan, CARF's global deployment is set to officially start in 2027.