According to PANews, Michele Korver, head of a16z Crypto regulation, said on the X platform that the U.S. Treasury Department’s new broker reporting rules threaten DeFi innovation.
a16z Crypto supports the Blockchain Association and other organizations in filing a lawsuit, arguing that the IRS and the Treasury Department exceeded their authority, violated the (Administrative Procedure Act) and were unconstitutional.
Korver emphasized that DeFi builders should have confidence that industry lawyers are working hard to protect the technology and that a16z Crypto will continue to fight in the courts, Congress, and the executive branch.