According to Deep Tide TechFlow, on December 30, a16z's regulatory head Michele Korver posted on social media stating 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 U.S.
a16z Crypto supports the lawsuit filed by the Blockchain Association, DeFi Education Fund, and Texas Blockchain Council, as the IRS and Treasury have exceeded their statutory authority, violated the Administrative Procedure Act (APA), and acted unconstitutionally. DeFi builders should have confidence that industry lawyers are working hard to protect this technology.
According to previous reports, three cryptocurrency industry organizations have sued the IRS over broker reporting rules.