The White House is reviewing a proposal to adopt the Crypto-Asset Reporting Framework (CARF), which would require Americans to disclose foreign crypto account data. This move aims to align US tax reporting with other countries and curb tax evasion by making it harder for citizens to hide assets overseas. New reporting rules are expected to roll out by 2026.

The IRS has lost two key crypto initiative directors, Seth Wilks and Raj Mukherjee, who accepted voluntary resignation offers amid staff cuts. Both officials were involved in improving crypto taxation and compliance but are now on paid administrative leave after their departure from the agency.