According to BlockBeats, on December 30, a16z's head of regulatory affairs, Michele Korver, stated on social media that a16z Crypto believes DeFi will make financial services and the digital economy more convenient, efficient, interoperable, reliable, and consumer-centric. However, yesterday the U.S. Treasury released new broker reporting rules that pose a direct threat to this commitment and undermine the future of DeFi innovation in the United States.
a16z Crypto supports the lawsuit filed by the Blockchain Association, DeFi Education Fund, and Texas Blockchain Council, arguing that the IRS and Treasury have exceeded their statutory authority, violated the Administrative Procedure Act (APA), and are unconstitutional. DeFi builders should have confidence that industry lawyers are working to protect this technology. We will continue to fight on all fronts, in the courts, in Congress, and with the help of the new administration.