2025 Taxable On-Chain Crypto Activity Hits $457B, CARF Covers Only 14%

The sheer scale of taxable activity versus the narrow reach of CARF highlights a structural gap in global tax enforcement, as the bulk of transactions occur in channels that are inherently harder to track. This matters for regulators and compliance teams who must rely on incomplete data, while the 14% coverage figure underscores how early the framework's impact truly is. The open question is whether the reporting regime will expand to capture decentralized and peer-to-peer flows, or whether this gap persists as a defining feature of the market.