TechFlow news, on December 30, Michele Korver, regulatory lead at a16z, posted on social media stating that a16z Crypto believes DeFi will make financial services and the digital economy more accessible, efficient, interoperable, reliable, and consumer-centric. However, yesterday the U.S. Department of the Treasury released new broker reporting rules that directly threaten this vision and undermine the future of DeFi innovation in the United States.
a16z Crypto supports the lawsuit filed by the Blockchain Association, DeFi Education Fund, and Texas Blockchain Council, as the IRS and Treasury have exceeded their statutory authority, violated the Administrative Procedure Act (APA), and acted unconstitutionally. DeFi builders should be confident that industry attorneys are working to protect this technology.
Previous report: Three crypto industry groups sue the IRS over broker reporting rules.
