The White House is reviewing the proposed encryption asset reporting framework.

ChainCatcher News, the White House is currently reviewing the proposed rules submitted by the U.S. Department of the Treasury, which will allow the U.S. to join the international Crypto Assets Reporting Framework (CARF). Once approved and implemented, this framework will enable the Internal Revenue Service (IRS) to automatically obtain transaction information of U.S. citizens in overseas cryptocurrency accounts to combat international tax evasion. CARF is a global agreement created by the Organisation for Economic Co-operation and Development (OECD) in 2022, aimed at increasing the transparency of Crypto Assets transactions through automatic information exchange among member countries. Advisors to President Trump previously released a report recommending that the U.S. adopt CARF, believing it would prevent U.S. taxpayers from transferring digital assets to overseas digital asset exchanges and promote the development of the U.S. digital asset market. CARF has been adopted and signed by dozens of countries, including most G7 member countries and major crypto hubs such as Singapore and the UAE, with global implementation set to begin information exchange in 2027. The White House emphasized that the proposed CARF rules should not impose any new reporting requirements on Decentralized Finance (DeFi) transactions.