a16z Regulatory Lead: Supports IRS Lawsuit on 'DeFi Broker' Rule

BlockBeats News, December 30th, a16z 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 Department released new broker reporting rules, directly threatening this commitment and undermining the future of U.S. DeFi innovation.

a16z Crypto supports the lawsuits filed by the Blockchain Association, DeFi Education Fund, and Texas Blockchain Council because the IRS and Treasury Department have overreached their statutory authority, violated the Administrative Procedure Act (APA), and are acting unconstitutionally. DeFi builders should be confident that industry lawyers are working hard to protect this technology. We will continue to fight on all fronts, in court, with the help of Congress and the incoming administration.