Odaily Planet Daily reported that Michele Korver, the head of regulatory affairs at a16z Crypto, stated on the X platform: “We at a16z Crypto believe that DeFi will make financial services and the digital economy more convenient, efficient, interoperable, reliable, and consumer-centric. However, yesterday the U.S. Department of the Treasury issued new broker reporting rules, which pose a direct threat to this commitment and undermine the future of DeFi innovation in the U.S. We at a16z Crypto support the Blockchain Association, DeFi Education Fund, and Texas Blockchain Council in their lawsuit, as the IRS and the 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 hard 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.”