The U.S. Internal Revenue Service has issued temporary relief measures for cryptocurrency taxation, which will benefit CeFi exchange users by 2025

The U.S. Internal Revenue Service (IRS) has issued a temporary relief measure expected to benefit CeFi exchange users by 2025. This relief addresses concerns raised by the final version of Section 6045 Custodial Broker Regulations, which will take effect on January 1, 2025, requiring digital assets to adopt the First-In-First-Out (FIFO) accounting method unless a preferred method such as Highest-In-First-Out (HIFO) or Spec ID is chosen.