White House proposes legislation for US taxpayers to report and pay taxes on overseas crypto accounts

The White House proposed Wednesday that Congress consider legislation forcing U.S. taxpayers to report their overseas digital asset accounts. The Trump administration said the 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 external concerns that the lack of a reporting mechanism may put the United States or US digital asset trading platforms at a disadvantage.

The recommendation is one of several in a 168-page report on cryptocurrencies released Wednesday by the Digital Asset Markets Working Group, which is led by David Sacks, the White House's top cryptographer and artificial intelligence official. (Decrypt)