Has Trump changed course? Or is he juggling crypto doublespeak? The man who promised financial freedom via digital assets today seems to be on a regulatory cruise. Behind the flattering pro-crypto statements, it is a global tax net that he is weaving around American citizens. Regulation or seduction: is the president playing both roles at once? Behind the scenes, the CARF project seems to suit him well. What if the hunt for offshore cryptos was the new Trumpist standard?
In brief
- Trump prepares for US entry into CARF global tax network for offshore cryptos.
- The plan targets undeclared digital accounts held overseas by U.S. taxpayers.
- More than 40 countries have already adopted this mechanism for automatic sharing of tax information.
- DeFi currently escapes these rules; no reporting obligation yet concerns it.
USA, CARF and crypto-paradises: the end of soft escape?
Since November, the CARF plan has been on the presidential desk. An international tax agreement supported by the OECD and already adopted by more than 40 countries. Objective ? Automatically exchange data related to crypto accounts held abroad. A crypto version of FATCA, where the Bahamas, Dubai or Singapore are no longer peaceful havens.
Trump led the way as early as July via a 168-page report, saying a lack of oversight would harm national competitiveness. Clearly, the United States no longer wants to see digital capital sailing offshore. In the words of his administration :
Implementing CARF would discourage U.S. taxpayers from moving their digital assets to offshore platforms. Implementing CARF would promote the growth and use of digital assets in the United States, and alleviate concerns that the lack of a reporting program could disadvantage the United States or U.S. digital asset platforms.
This project also targets individuals who transfer their assets to foreign exchanges. A bill is on the table in Congress, with the idea of forcing citizens to declare any digital account opened abroad. An oversight would result in penalties. The message is clear: no more free riding on crypto taxation.
The geopolitical behind the scenes of crypto surveillance made by Trump
This shift is part of a global dynamic to contain opaque flows. According to the DOJ, crypto-related scam networks cost $9.3 billion in 2024 alone. And in some remote corners of the globe, the numbers are shaking economic compasses.
Some of these fraudulent centers are so lucrative that they represent up to half of the local GDP, according to the authorities. After extracting the cryptos from their victims, the funds are then hidden through a tangle of offshore wallets.
This punitive logic does not only affect individuals. Non-cooperative exchanges are in the sights. And while the USA locks down, other crypto powers follow. Japan, France and Germany already share data via CARF. In focus: cross-border crypto capital movements.
Trump, by donning the role of regulator, seems to be trying to clean up without breaking the dishes. As proof: the CARF rules, even if drastic, spare DeFi transactions for the moment. A gray area therefore remains tolerated, as if not to frighten decentralization purists.
Crypto, taxation and innovation: the crest of an ecosystem in tension
As regulators tighten the screws, debate heats up in the crypto industry. Some see it as an opportunity for legitimization. Others denounce excessive control. Between the two, voices seek balance.
Among them, that of Gracy Chen, CEO of Bitget, who calls for overcoming the head-on opposition between innovation and regulation:
We view the White House's review of the CARF project as a necessary step to more seamlessly integrate crypto into traditional financial systems, strengthening transparency and tax compliance in ways that build institutional trust and accelerate mainstream adoption.
A mediating role is emerging between regulators and developers, with growing calls to design hybrid frameworks, reconciling privacy and tax obligations. This nuanced approach could well become a source of inspiration for the entire crypto industry.
What to remember
- More than 40 countries, including the USA, are considering a global application of the CARF from 2027;
- In 2024, crypto scams caused $9.3 billion in losses according to the Department of Justice;
- Foreign exchanges will have to transmit Americans' tax data to the IRS;
- DeFi currently remains outside the scope of CARF requirements (by presidential decision).
And as if that were not enough, the SEC in Washington has just driven home the point: crypto does not even feature in its strategic priorities for 2026. The timing of this omission has the effect of a second warning. America seems determined to redefine the rules of the crypto game.
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