According to ChainCatcher, Michele Korver, the head of regulatory affairs at a16z Crypto, posted on the X platform stating: 'We, 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 released new rules for broker reporting that pose a direct threat to this commitment and undermine the future of DeFi innovation in the U.S. We, a16z Crypto, support the Blockchain Association, DeFi Education Fund, and Texas Blockchain Council in their lawsuit because 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 courts, in Congress, and with the help of the new administration.