Coinbase Board Member Kathryn Haun to Step Down – What’s Going On?

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Ruholamin Haqshanas

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Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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April 20, 2024

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Kathryn Haun, a former Assistant U.S. Attorney and partner at Andreesen-Horowitz, has announced plans to step down from Coinbase’s board.Haun has been a board member of Coinbase for the past seven years and has played a crucial role in the company’s growth and success.In a post on X, Haun expressed her confidence in Coinbase’s future prospects, stating that the company is well-positioned to continue thriving in the evolving crypto landscape. However, she also acknowledged the remarkable expansion of the cryptocurrency industry and revealed her intention to focus more on venture investing through her company, Haun Ventures. 

“Haun Ventures is similarly expanding, and this feels like the right time for me to double-down on supporting our growing portfolio of founders and building a lasting venture franchise.”

Haun’s Departure Garners Community Attention

Haun’s departure has garnered recognition and appreciation from the crypto community. Brian Armstrong, the CEO of Coinbase, lauded Haun as a “force of nature” who took a chance on Coinbase and played a pivotal role in the company’s journey to becoming a publicly traded entity. “Being a former DOJ prosecutor, my favorite part was her counsel on regulatory strategy, and when to compromise vs go to court, which as you can imagine came in handy,” Armstrong wrote. 

Katie took a chance on us when we were a little known crypto exchange, back when very few people believed in the technology, and I'll always be grateful for that. She’s been our longest serving independent director – was our first audit/risk chair, was on our comp committee, and… https://t.co/AtZGpwaYf3

— Brian Armstrong (@brian_armstrong) April 20, 2024

Likewise, Paul Grewal, Chief Legal Officer at Coinbase, applauded Haun as the “ultimate weapon in the board room that any CLO would want.”

The resignation will officially take effect at Coinbase’s upcoming Annual Meeting of Shareholders, which is scheduled for later this summer. The board anticipates a reduction in its overall size, shrinking to seven members following Haun’s departure. 

The change also marks the loss of one of the two women currently serving as board directors, underlining the ongoing need for greater diversity and representation within the cryptocurrency industry.

KBW Increases Coinbase Price Target to $230

Earlier this month, investment banking firm KBW hailed Coinbase for offering investors a unique opportunity to tap into the long-term growth potential of the crypto economy and increased its price target for COIN to $230. In a research analysis, KBW raised its Coinbase price target from $160 to $230 while maintaining its market performance rating. Meanwhile, Coinbase has also faced its fair share of regulatory trouble. 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 came after Coinbase filed a motion to dismiss the SEC case, which borders on allegations the exchange operates as an unregistered securities exchange, broker, and clearing agency.In her ruling, Judge Failla declared that the SEC’s lawsuit against Coinbase held “plausible” ground. “The Court finds the SEC has sufficiently pleaded that Coinbase operates as an exchange, as a broker, and as a clearing agency under the federal securities laws, and through its Staking Program engages in the unregistered offer and sale of securities,” the court document read.She granted a partial victory to the exchange against the regulator, however, dismissing the SEC’s claims against Coinbase’s Wallet.