The White House is pushing for legislation mandating U.S. taxpayers to report their cryptocurrency accounts held overseas. A recent White House report highlighted the need for increased transparency to prevent tax evasion and ensure fair practices within the digital asset market. The report suggests that mandatory reporting would deter Americans from moving their crypto assets abroad to avoid paying taxes. This initiative is also seen as a way to protect domestic cryptocurrency brokers and exchanges by creating a more level playing field. Without such reporting requirements, it's difficult to track crypto assets and ensure compliance with U.S. tax laws. The proposed legislation aims to close loopholes and provide regulators with the tools they need to effectively monitor the flow of cryptocurrency and maintain the integrity of the financial system. This move signifies a growing focus on cryptocurrency regulation within the U.S. government. ```