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.

Senator Cynthia Lummis is advocating for a measure in a major budget bill that would exempt small-scale cryptocurrency transactions under $300 from U.S. taxes, aiming to simplify tax obligations for minor crypto activities. The proposed amendment also seeks to address tax treatment of mining, staking, and other crypto-related transactions, potentially alleviating burdens for users and aligning tax policy with actual income realization.