On December 30th, Michele Korver, the regulatory head of a16z, 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 US Treasury Department released new broker reporting rules that pose a direct threat to this commitment and undermine the future of DeFi innovation in the US.
A16z Crypto supports lawsuits filed by the Blockchain Association, DeFi Education Fund, and Texas Blockchain Council, as the US Internal Revenue Service 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 hard to protect this technology. We will continue to fight on various fronts, in court, with the help of Congress and the new administration.

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