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A new federal proposal moved into review at the Office of Information and Regulatory Affairs, marking another step in the administration effort to strengthen oversight of digital asset activity connected to offshore platforms.
Good to Know
The proposal arrived at OIRA on Friday for evaluation. Analysts often view this stage as an indicator that a rule may soon appear in public draft form. The review process checks whether the measure aligns with broader policy priorities set by the administration.
Earlier in the year, the White House released a detailed digital asset report that outlined gaps in tax compliance and oversight. One key recommendation encouraged Treasury and the IRS to move toward alignment with the Crypto-Asset Reporting Framework, a global standard that promotes consistent information sharing.
Under the framework, digital asset service providers would be required to send transaction data to regulators. That information would help agencies identify offshore activity that may escape domestic reporting rules.
According to the administration report, adopting the international standard would reduce the incentive for US taxpayers to shift assets to foreign exchanges. Supporters argue that more consistent reporting requirements could strengthen domestic markets by discouraging offshore arbitrage.
Another argument outlined in the report warned that without alignment, the United States could fall behind jurisdictions that already enforce global reporting norms. The recommendation stressed that the tax system must be able to identify cross-border activity without creating bottlenecks for compliant companies.
The report also stated that an expanded reporting system should not apply additional requirements to decentralized finance transactions. Officials noted that DeFi activity does not fit the same custodial or intermediary structure used by centralized platforms, and therefore should fall outside the proposal scope.
That distinction drew attention from industry observers who have argued for clear separation between centralized service providers and decentralized protocols.
A proposed rule that would allow the IRS to obtain digital asset data tied to offshore platforms.
The Office of Information and Regulatory Affairs under the Office of Management and Budget.
The Crypto-Asset Reporting Framework, designed to improve tax transparency across jurisdictions.
No. Officials signaled that DeFi activity will not fall within the rule scope.
Policymakers want to reduce offshore incentives and keep US markets competitive with other regulated regions.