White House Reviews IRS Plan for Accessing Foreign Crypto Data, Moving Closer to Global Reporting

The White House is conducting a detailed review of the Internal Revenue Service’s (IRS) proposal to access foreign cryptocurrency transaction data. This move comes as the US aims to join a global digital asset reporting framework and address gaps in cross-border tax reporting for cryptocurrencies. The IRS plan, aimed at monitoring U.S. citizens’ offshore crypto holdings, seeks to enhance financial oversight of international transactions.