PANews December 29 news, a16z Crypto regulatory leader Michele Korver 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. Treasury Department released new broker report rules, which pose a direct threat to this promise and undermine the future of DeFi innovation in the United States. We at a16z Crypto support the Blockchain Association, DeFi Education Fund, and Texas Blockchain Council in filing a lawsuit because the IRS and Treasury have overstepped their statutory authority, violated the Administrative Procedure Act (APA), and are unconstitutional. DeFi builders should have confidence; 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."
