WHITE HOUSE REVIEWING INTERNATIONAL CRYPTO TAX STANDARD

Summary from the TLDR Crypto newsletter

The White House is reviewing an IRS proposal to join the Crypto-Asset Reporting Framework, giving tax authorities access to Americans' foreign crypto account data as 72 countries commit to implementing CARF by 2028 to combat international tax evasion. The rule aims to discourage Americans from moving digital assets to offshore exchanges, while new 1099-DA forms launching in January will require US exchanges to report detailed transaction data, including inward and outward transfers. The IRS will soon scan blockchain networks at scale to identify major non-reporters for audits, marking the beginning of the end of crypto anonymity as better data integration tools come online.