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White House Proposes Legislation for Reporting Overseas Digital Assets

31/07 09:03

According to Foresight News, the White House has proposed legislation requiring U.S. taxpayers to report overseas digital asset accounts. The proposal, announced on Wednesday, aims to prevent the transfer of crypto assets abroad by American citizens. The Trump administration believes this policy shift will enhance the development and use of digital assets within the United States. Additionally, it seeks to address concerns that the absence of a reporting mechanism could disadvantage the U.S. or its digital asset trading platforms.

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