Kathryn Haun, previously an Assistant U.S. Attorney and partner at Andreesen-Horowitz, has revealed her decision to step down from the board of Coinbase.
Haun has served on Coinbase’s board for seven years, contributing significantly to the company’s growth and achievements.
In a recent announcement, Haun expressed her confidence in Coinbase’s future trajectory, emphasizing its strong position to thrive amidst the ever-changing crypto landscape.
Nevertheless, she acknowledged the remarkable growth of the cryptocurrency sector and disclosed her intention to prioritize venture investing through her venture firm, Haun Ventures.
“Haun Ventures is also experiencing growth, and I believe now is the opportune moment for me to intensify my support for our expanding roster of founders and to cultivate a sustainable venture legacy.”
Haun’s Departure Garners Community Attention
Haun’s departure has been met with recognition and gratitude from the crypto community.
Brian Armstrong, CEO of Coinbase, praised Haun as a “force of nature” who believed in Coinbase from the start and significantly contributed to its evolution into a publicly traded company.
“As a former DOJ prosecutor, her insights on regulatory strategy and navigating legal challenges were invaluable,” Armstrong noted. “Her counsel on when to compromise versus pursue legal action proved particularly beneficial.”
Similarly, Paul Grewal, Chief Legal Officer at Coinbase, hailed Haun as the “ideal asset in the boardroom for any CLO.”
Haun’s resignation will become official at Coinbase’s upcoming Annual Meeting of Shareholders, slated for later this summer. With her departure, the board expects to downsize to seven members.
This transition also signifies the departure of one of the two female board directors, emphasizing the persistent call for enhanced diversity and inclusion within the cryptocurrency sphere.
KBW Increases Coinbase Price Target to $230
Earlier this month, investment banking firm KBW commended Coinbase for providing investors with a distinctive opportunity to access the long-term growth potential of the crypto economy and raised its price target for COIN to $230.
In its research analysis, KBW increased its Coinbase price target from $160 to $230 while maintaining its market performance rating.
However, Coinbase has encountered regulatory challenges as well.
Last month, Judge Katherine Polk Failla of the US District Court of the Southern District of New York ruled that the SEC’s lawsuit against Coinbase can proceed.
The Judge’s decision followed Coinbase’s motion to dismiss the SEC case, which revolves around allegations that the exchange functions as an unregistered securities exchange, broker, and clearing agency.
In her ruling, Judge Failla affirmed that the SEC’s lawsuit against Coinbase had “plausible” grounds.
“The Court finds the SEC has adequately alleged that Coinbase operates as an exchange, broker, and clearing agency under the federal securities laws, and through its Staking Program, engages in the unregistered offer and sale of securities,” the court document stated.
While granting a partial victory to the exchange against the regulator, she dismissed the SEC’s claims against Coinbase’s Wallet.
