a16z Crypto Regulatory Head: Supports filing a lawsuit against the US Internal Revenue Service regarding the "DeFi Broker" rules

Michele Korver, the head of regulation at a16z Crypto, posted on platform X saying: "We at a16z Crypto believe that DeFi will make financial services and the digital economy more convenient, efficient, interoperable, reliable, and consumer-centric. However, yesterday the US Treasury Department issued new broker reporting rules that pose a direct threat to this promise and undermine the future of DeFi innovation in America. We at a16z Crypto support lawsuits brought by Blockchain Association, DeFi Education Fund, Texas Blockchain Council because the IRS and Treasury have overstepped their statutory authority in violation of Administrative Procedure Act (APA) and are unconstitutional. Builders in DeFi should be confident as industry lawyers are working hard to protect this technology. We will continue to fight on all fronts - in courtrooms with help from Congress and new administration.