White House Reviews Offshore Crypto Tax Policy as Cross-Border Framework Faces Adjustment

The U.S. Treasury Department submitted a proposal to the White House on Friday regarding America's participation in an international crypto tax reporting framework, Decrypt reports. The proposal would authorize the Internal Revenue Service to access key information on U.S. citizens' overseas crypto accounts and implement taxation. The framework is the Crypto-Asset Reporting Framework established by the OECD in 2022, which requires member countries to automatically share citizens' crypto asset information to combat cross-border tax evasion. G7 nations including Japan, Germany, France, Canada, Italy, and the United Kingdom, along with crypto hubs such as the UAE, Singapore, and the Bahamas, have signed the agreement, with global rollout scheduled to officially commence in 2027.