A16z Crypto Criticizes New U.S. Treasury Regulations

According to PANews, Michele Korver, the head of regulation at a16z Crypto, expressed concerns on the X platform regarding new broker reporting rules issued by the U.S. Treasury. Korver stated that a16z Crypto believes decentralized finance (DeFi) can enhance financial services and the digital economy by making them more convenient, efficient, interoperable, reliable, and consumer-focused. However, she argued that the new regulations pose a direct threat to this potential and undermine the future of DeFi innovation in the United States. Korver announced that a16z Crypto supports the lawsuit filed by the Blockchain Association, DeFi Education Fund, and Texas Blockchain Council. The lawsuit claims that the U.S. Treasury and Internal Revenue Service have exceeded their statutory authority, violated the Administrative Procedure Act (APA), and acted unconstitutionally. She emphasized that DeFi developers should have confidence that industry lawyers are working to protect this technology. Korver concluded by stating that a16z Crypto will continue to fight on multiple fronts, including in court, with Congress, and with the assistance of the new administration.