According to BlockBeats news, on December 29, a16z Crypto's regulatory head Michele Korver posted on X platform stating: 'a16z Crypto believes 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 that pose a direct threat to this commitment and undermine the future of DeFi innovation in the U.S.'
a16z Crypto supports the Blockchain Association, DeFi Education Fund, and Texas Blockchain Council in their lawsuit against the IRS and the Department of the Treasury for exceeding their statutory authority, violating the Administrative Procedure Act (APA), and being unconstitutional. DeFi builders should have confidence that industry lawyers are working 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.