The White House is reviewing a Treasury Department proposal that would allow the Internal Revenue Service (IRS) to access information on crypto held by Americans abroad for tax enforcement purposes.

This story is an excerpt from the Unchained Daily newsletter.

The proposal aims to implement the Crypto-Asset Reporting Framework (CARF), a global OECD initiative designed to facilitate the automatic exchange of crypto account data among member countries to curb cross-border tax evasion.

A global CARF rollout is scheduled for 2027, and the U.S. adoption would align it with major economies like Japan, Germany, Canada, and the U.K. that have already adopted the standard.

“Implementing CARF would discourage U.S. taxpayers from moving their digital assets to offshore digital asset exchanges,” said The White House in a crypto policy report earlier this year.