Some observers have noted that the digital asset reporting model proposed in President Biden’s fiscal 2023 budget is very similar to that put forward by the multinational Organization for Economic Cooperation and Development (OECD). But, as a U.S. Treasury official has stated, the OECD model is narrower in scope and “focuses on transactions involving dispositions or exchanges of crypto-assets or transfers of crypto-assets.” The U.S. proposal fills in a “gap” and expands on the Foreign Account Tax Compliance Act. If the U.S. fully participated in the OECD framework, U.S. law would need to be revised. This process is outlined in the “Green Book” about revenue proposals: Call or visit our website for more information!