Overview
- Treasury's proposed CARF rules were sent to the White House on Friday for review by the president’s advisors, according to a government website.
- If adopted, the rules would enable the IRS to receive information on U.S. taxpayers’ foreign crypto accounts through automatic cross-border reporting.
- CARF, created by the OECD in 2022, has been embraced by G7 members and crypto hubs such as the UAE, Singapore, and the Bahamas.
- The administration’s crypto policy report urged U.S. participation while stating that DeFi transactions should face no new reporting requirements.
- Member jurisdictions plan a 2027 rollout, positioning the U.S. to align with global standards if the proposal advances.