$457 Billion Crypto Taxable Activity: CARF Catches Only a Fraction

Crypto taxable activity reached an estimated $457 billion in 2025, with Americans contributing $112.6 billion, more than any other country.

The global reporting rules, known as CARF, capture just 14% of these flows, which means tax offices will see almost none of the remaining 86%.

Crypto payments were a standout, making up $64.6 billion of the US total and representing one of the flows that tax agencies struggle most to track.