The White House, in its infinite bureaucratic wisdom, is toying with the idea of shackling itself to yet another global tax framework-this time, one that would allow the IRS to pry into the digital pockets of American citizens abroad. Because, naturally, what’s a government without a little financial voyeurism? 🕵️♂️
Should this delightful proposal pass muster, the United States would join a merry band of nations committed to CARF-the Crypto-Asset Reporting Framework-because nothing says “international cooperation” like mutual tax surveillance. 🎉
The IRS Wants to Know What You’re Hiding (And They Will Find Out)
In a move that surprises absolutely no one, the Trump administration is flirting with the notion of letting the IRS snoop into Americans’ offshore crypto accounts-because why let citizens enjoy financial privacy when you can tax them instead? The Treasury Department’s proposed rule, charmingly titled “Broker Digital Transaction Reporting,” aims to drag the U.S. kicking and screaming into CARF compliance, effectively discouraging the fiscally adventurous from fleeing to offshore exchanges. How thoughtful. 🙄
If approved, Uncle Sam would officially join CARF, granting the IRS carte blanche to rifle through Americans’ foreign crypto holdings. The proposal landed on the White House’s doorstep last Friday, where it now awaits the solemn deliberation of President Trump’s advisors-presumably between rounds of golf. ⛳
This recommendation follows a July 2025 White House report, which, in between bouts of bureaucratic jargon, outlined how digital assets should be regulated. Because nothing says “progress” like more paperwork.
The report emerged from an executive order by President Trump, who-in a rare moment of regulatory enthusiasm-established the Working Group on Digital Assets Markets. Their noble mission? To produce recommendations for a framework that could “guide” the digital asset industry-or, more accurately, strangle it with red tape. 🎀
The Working Group, in a fit of uncharacteristic optimism, gushed about blockchain’s transformative potential:
“The Working Group, as the author of this report, endorses the notion that digital assets and blockchain technologies can revolutionize not just America’s financial system, but systems of ownership and governance economy-wide.”
They then added, with all the gravitas of a corporate mission statement:
“American entrepreneurs who pioneer new industries using these technologies deserve both clarity on the policies that affect their efforts and praise for the progress they have made.”
Translation: “Please don’t leave the country. We promise we’ll only tax you a little.”
Despite the IRS shrugging off the rule as “not economically significant,” it would, of course, force Americans to meticulously report taxable gains from offshore crypto exchanges-because nothing fosters innovation like fear of an audit. 😱
Join CARF, They Said. It’ll Be Fun, They Said.
The Working Group, ever the cheerleader for global conformity, urged the Treasury and IRS to adopt rules aligning the U.S. with CARF-a scheme cooked up in 2022 by the Organisation for Economic Cooperation and Development (OECD), set to enslave-er, enroll-the world by 2027. 🌍
CARF, for the uninitiated, is a global pact where nations gleefully swap intel on their citizens’ crypto holdings-all in the noble fight against tax evasion. Current members include such crypto havens as the United Arab Emirates and Singapore, because nothing says “financial freedom” like an international ledger of your assets. 📊
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2025-11-19 08:41