The White House has introduced legislation requiring U.S. taxpayers to disclose all foreign digital asset holdings, targeting regulatory gaps in current cryptocurrency laws. The proposal aims to enhance oversight of offshore accounts while supporting domestic digital asset innovation and security leadership.
David Sacks, head of Crypto and AI Affairs for the administration, leads the working group behind the 168-page legislative report.The measure specifically addresses shortcomings in existing regulations by mandating comprehensive reporting of overseas cryptocurrency holdings.
The initiative underscores the administration’s focus on strengthening U.S. leadership in digital asset security. By closing reporting loopholes through these requirements, the White House seeks to foster an environment conducive to innovation and compliance within the domestic cryptocurrency sector.