The White House Proposes Legislation to Require U.S. Taxpayers to Report and Pay Taxes on Overseas Cryptocurrency Accounts

BlockBeats News, July 31st, according to Decrypt's report, on Wednesday local time, the White House proposed to Congress to consider legislation that would require U.S. taxpayers to report their "overseas digital asset accounts." The Trump administration stated that this move would help prevent Americans from moving cryptocurrency assets abroad.

The policy proposal stated that this policy shift would "promote the development and use of digital assets in the United States and alleviate concerns from the outside world that the lack of reporting mechanisms could put the United States or U.S. digital asset trading platforms at a disadvantage."

This proposal is one of several proposals in a 168-page crypto report released by the Digital Asset Market Working Group on Wednesday. The working group is led by White House Director of Crypto and Artificial Intelligence David Sacks.