The White House is reviewing a proposal for the Internal Revenue Service (IRS) to join the Global Crypto Asset Reporting Framework (CARF), which would allow the tax agency access to data on Americans' foreign cryptocurrency accounts.
The "Broker Digital Transaction Reporting" proposal submitted to the White House last Friday—if approved—would align the U.S. cryptocurrency tax system with that of 72 other countries committed to implementing CARF by 2028.
Although the proposal has not been classified by the IRS as having "significant economic impact," the rule would require Americans to be more stringent when reporting capital gains taxes from foreign cryptocurrency platforms.
In late July, a report on the White House's cryptocurrency policy recommendations indicated that implementing CARF would prevent U.S. taxpayers from transferring their digital assets to offshore exchanges, thereby not putting U.S. cryptocurrency platforms at a disadvantage.
CARF is set to launch in 2027, with 50 countries joining, including Brazil, Indonesia, Italy, Spain, Mexico, and the United Kingdom. An additional 23 countries—including the United States—appear to have committed to implementing CARF by 2028.
CARF was established by the Organization for Economic Cooperation and Development (OECD) at the end of 2022, aimed at enabling member countries to share cryptocurrency data to combat international tax evasion.
Cryptocurrency poses challenges for tax authorities, as users can instantly transfer assets across borders, hold funds in self-custodied wallets outside the traditional banking system, and transact anonymously.
The U.S. will launch the 1099-DA form in January 2026, which will require U.S. cryptocurrency exchanges to report more detailed transaction data, including inbound and outbound transactions.
U.S. cryptocurrency tax attorney Clinton Donnelly stated in an X post last Friday that the 1099-DA will mark the beginning of the end of cryptocurrency anonymity.
"Currently, the IRS cannot instantly know everything you do on the blockchain. However, that is about to change," Donnelly said, adding:
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Original: “White House weighs IRS proposal to tax foreign crypto accounts under CARF”
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