PANews reported on December 29 that Michele Korver, head of regulation at a16z Crypto, posted 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 new broker reporting rules that pose a direct threat to this promise and undermine 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 lawsuits 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 executive branch."