White House Reviews Proposal to Tax Cryptocurrency Holdings

The White House is currently reviewing a proposal regarding the taxation of outbound cryptocurrency holdings by U.S. citizens, which could lead to enhanced reporting requirements and stricter regulations for offshore holdings. The proposal aims to tighten crypto regulations, with potential changes stemming from the Crypto-Asset Reporting Framework (CARF). 1099-DA forms will be introduced by the IRS in January 2026 to streamline reporting on cryptocurrency transactions. 🇺🇸