The Trump administration is advancing a plan to let the IRS access Americans’ offshore crypto holdings for tax enforcement, according to a Decrypt report.

Proposed Treasury rules to join the global Crypto-Asset Reporting Framework (CARF) have reached the White House for review. Created by the OECD in 2022, CARF requires member countries to share crypto account data to curb tax evasion.

Over 40 nations have signed on, including G7 members and crypto hubs like Singapore and the Bahamas. Trump’s advisors endorsed joining earlier this year, saying it would help prevent capital flight and support US crypto markets.

Crypto stocks sank on Monday. BitMine fell 10%; Coinbase and Circle fell 7%; Robinhood fell 5%; MARA Holdings fell 4%; Strategy fell 2%.