BlockBeats news, on December 30, a16z's regulatory head Michele Korver posted on social media 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 issued new reporting rules for brokers, which poses a direct threat to this commitment and undermines 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 because 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. We will continue to fight on all fronts, in the courts, in Congress, and with the help of the new administration.