According to Deep Tide TechFlow, on December 30, a16z's head of regulation, 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 Department released new broker reporting rules, which 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 Department 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.
Earlier reports indicated that three cryptocurrency industry organizations have sued the IRS over broker reporting rules.