On Wednesday, the Trump administration released a report regarding digital assets that outlines proposals aimed at crypto development and compliance enhancement.
Mandatory Reporting of Foreign Crypto Accounts
One of the most discussed proposals is a law that compels U.S. taxpayers to report their foreign digital asset accounts to the IRS. This regulation is meant to enhance the transparency of international crypto holdings and protect U.S. exchanges from losing business to foreign platforms.
New Crypto-Asset Reporting Framework
The report proposes the establishment of a Crypto-Asset Reporting Framework (CARF) to oversee transactions within the country. It notes that no new reporting requirements should apply to decentralized finance (DeFi), as they operate without intermediaries or identity checks.
Supporting Crypto Banks
The report highlights the need to support crypto banks, urging banking regulators to avoid delaying approvals for banks engaged in cryptocurrency. This aims to expedite crypto integration into the mainstream financial framework.
The Trump administration's digital asset policy sets an ambitious direction for the U.S., aiming to develop a robust stance in the crypto economy.
