this regulation will only result in less use of centralized exchanges and will encourage increased anonymity, not to mention that many will abandon cryptocurrencies

According to BlockBeats, the Trump administration is advancing a regulatory proposal to authorize the U.S. Internal Revenue Service (IRS) to obtain key information on citizens' overseas crypto accounts and implement taxation. The proposal for the U.S. to join the international crypto tax reporting framework was submitted to the White House by the Treasury Department on Friday, where it will undergo review by the President's advisory team.Earlier this year, the White House urged the Treasury Department and IRS to develop rules for the U.S. to join the Crypto-Asset Reporting Framework (CARF), established by the Organization for Economic Cooperation and Development (OECD) in 2022. This multilateral agreement requires member countries to automatically share information on citizens' crypto assets to combat cross-border tax evasion. Currently, Japan, Germany, France, Canada, Italy, the United Kingdom, the United Arab Emirates, Singapore, and the Bahamas, among other crypto hubs, have signed the agreement.In a crypto policy report released this summer, U.S. President Donald Trump's crypto advisory team recommended that the U.S. join the framework. The White House stated at the time, "Implementing CARF will prevent taxpayers from transferring digital assets to overseas trading platforms, promote the growth and application of U.S. digital assets, and avoid placing the U.S. at a competitive disadvantage due to a lack of reporting mechanisms." The report called for the Treasury Department and IRS to study specific implementation plans but emphasized that "new reporting requirements should not be set for DeFi transactions."The global deployment of CARF is planned to officially launch in 2027.