This article covers blockchain news, business news, and technology news. Here’s the summary:

The U.S. Internal Revenue Service (IRS) has temporarily postponed a rule that would have subjected cryptocurrency holders on centralized exchanges to the FIFO (First In, First Out) accounting method by default. FIFO is the default method used to calculate capital gains taxes in the U.S. and assumes that the earliest cryptocurrency purchased is the first to be sold, which could increase taxpayers’ capital gains.

Cointracker head of tax Shehan Chandrasekera said the immediate implementation of this rule could be “catastrophic” for many crypto taxpayers. The Blockchain Association and the Texas Blockchain Council have filed a lawsuit against the IRS, claiming that these rules are unconstitutional. What do you think about these developments? Share them in the comments.