According to ChainCatcher, the White House proposed on Wednesday local time that Congress consider legislation requiring U.S. taxpayers to report 'overseas digital asset accounts.' The Trump administration stated that this move would help prevent Americans from transferring crypto assets overseas.
The policy proposal states that this policy shift will promote the development and use of digital assets in the United States, and alleviate concerns about the lack of a reporting mechanism potentially putting the U.S. or U.S. digital asset trading platforms at a disadvantage.
This proposal is one of several recommendations in a 168-page crypto report released by the Digital Asset Market Working Group on Wednesday. The group is led by White House Crypto and AI Affairs Director David Sacks.
