The White House has proposed legislation requiring U.S. Taxpayers to report foreign digital asset accounts, intending to discourage offshore crypto transactions and enhance the competitiveness of domestic crypto firms.
This initiative is part of a broader 168-page report, outlining regulatory measures, a Crypto-Asset Reporting Framework, and recommendations to clarify banking rules and address illicit finance.
Key recommendations include ensuring crypto banking regulations are clear and reviewing the Bank Secrecy Act’s applicability to the crypto industry.
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