In brief
- The White House proposed Congress consider drafting legislation that would force U.S. residents and companies to report foreign crypto accounts on their taxes.
- Not doing so could disadvantage U.S.-based crypto companies, the Trump administration said in a highly anticipated crypto report published Wednesday.
- The 168-page report also included recommendations related to crypto banking, illicit finance, and crypto market structure regulation.
The White House proposed Wednesday that Congress consider enacting legislation obligating U.S. taxpayers to report “foreign digital asset accounts,” in a move the Trump administration said would discourage Americans from moving their crypto offshore.
Such a policy shift would “promote…
Aug 01 2025
