New White House Steps on Overseas Crypto Asset Surveillance

Jakarta, Pintu News – The Donald Trump administration through the White House recently initiated a review of a proposal from the Treasury Department that would authorize the Internal Revenue Service (IRS) to access and tax US citizens’ crypto account holdings overseas. The move is part of the government’s efforts to prevent tax evasion through the transfer of digital assets overseas.

White House reviews crypto tax proposal

According to a report from Bloomberg, the White House has begun a review of a proposal from the Treasury Department that aims to strengthen the IRS’s ability to access crypto account information of US citizens located overseas. This proposal is expected to improve tax compliance and reduce tax evasion activities through digital assets.

This proposal is also the US’ first step in joining the global crypto-asset reporting framework (CARF) established by the Organization for Economic Cooperation and Development (OECD) in 2022. This framework facilitates the automatic cross-border exchange of crypto account information, aiming to combat tax evasion.

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FACTA Style Adoption for Digital Asset Surveillance

If approved, the CARF program will involve the adoption of FACTA-style reporting by the US, which will require all offshore asset custodians to transfer information regarding the account holdings of US citizens to the IRS. This is part of the radical reforms being undertaken in the country regarding the crypto and digital asset industry.

In addition, two US senators recently revealed a bipartisan bill that would expand the Commodity Futures Trading Commission’s (CFTC) oversight of the crypto industry, bringing it on par with the US Securities and Exchange Commission (SEC) in decision-making involving digital assets.

Efforts to Increase Crypto Transparency and Regulation

The US government is also working on the Crypto Clarity Bill, a legislative proposal designed to establish a clear regulatory framework for digital assets. In addition, the US Treasury Department and the IRS have issued new guidance regarding exchange-traded products (ETPs) relating to staking, which increases tax transparency for investors in the United States.

The Trump administration has shown a more supportive stance towards digital assets, including by replacing the hardline SEC chairman with a pro-crypto person. These moves are expected to bring about significant changes in the oversight and regulation of crypto assets in the US.

Conclusion

With this new set of policies, the US government hopes to integrate the crypto industry into the broader financial system with better oversight and increased transparency. These measures not only aim to reduce tax evasion but also to provide legal clarity for crypto market participants.

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FAQ

Q1: What is the White House reviewing regarding cryptocurrencies?

A1: The White House is reviewing a proposal from the Treasury Department that would authorize the IRS to access and tax the crypto account holdings of US citizens located overseas.

Q2: What is the global crypto asset reporting framework (CARF)?

A2: CARF is a framework established by the OECD in 2022, which facilitates the automatic cross-border exchange of crypto account information to combat tax evasion.

Q3: How does FACTA-style adoption affect digital asset surveillance?

A3: FACTA-style adoption will require offshore asset custodians to transfer US citizen account ownership information to the IRS, improving tax oversight and compliance. Q4: What is the purpose of the Crypto Clarity Bill?

A4: The Crypto Clarity Bill is a legislative proposal that aims to establish a clear regulatory framework for digital assets, increasing transparency and legal certainty in the crypto industry.

Q5: What is the Trump administration’s stance on digital assets?

A5: The Trump administration has shown a more supportive stance towards digital assets, including by replacing the hardline SEC chairman with a pro-crypto person, as well as through policies that support crypto transparency and regulation.

Reference

• Coingape. White House Reviews IRS Proposal to Tax US Citizens’ Outbound Crypto Holdings. Accessed on November 18, 2025