a16z: Supports lawsuit against IRS over “DeFi broker” rule

CoinRank News: Michele Korver, head of regulation at a16z Crypto, said in a post on the X platform: 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 U.S. Treasury Department issued a new broker reporting rule that poses a direct threat to this promise and undermines the future of DeFi innovation in the United States. We at a16z Crypto support the Blockchain Association, DeFi Education Fund, and Texas Blockchain Council in filing a lawsuit because the IRS and the 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 all fronts - in court, with the help of Congress and the new administration.