Coinbase Board Member Kathryn Haun to Resign – What’s Happening?

Kathryn Haun, a former Assistant U.S. Attorney and partner at Andreessen Horowitz, has revealed her intention to resign from Coinbase’s board.

Haun has served as a board member of Coinbase for the last seven years, significantly contributing to the company’s development and achievements.

In a message on X, Haun conveyed her optimism regarding Coinbase’s future, asserting that the company is well-equipped to continue succeeding in the changing crypto environment.

Nonetheless, she recognized the impressive growth of the cryptocurrency sector and disclosed her plan to concentrate more on venture investing through her firm, Haun Ventures.

“Haun Ventures is also expanding, and this seems like the appropriate moment for me to intensify my support for our expanding portfolio of founders and to establish a sustainable venture franchise.”

Haun’s Departure Attracts Community Attention

Haun’s resignation has received acknowledgment and gratitude from the crypto community.

Brian Armstrong, the CEO of Coinbase, praised Haun as a “force of nature” who took a risk on Coinbase and was instrumental in the company’s evolution into a publicly traded organization.

“As a former DOJ prosecutor, my favorite aspect was her advice on regulatory strategy, particularly regarding when to negotiate versus when to litigate, which, as you can imagine, proved useful,” Armstrong stated.

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 thankful 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

Similarly, Paul Grewal, Chief Legal Officer at Coinbase, commended Haun as the “ultimate asset in the boardroom that any CLO would desire.”

The resignation will officially take effect at Coinbase’s forthcoming Annual Meeting of Shareholders, which is set for later this summer. The board expects to reduce its total size, decreasing to seven members following Haun’s exit.

This change also signifies the departure of one of the two women currently on the board, highlighting the ongoing necessity for enhanced diversity and representation within the cryptocurrency sector.

KBW Raises Coinbase Price Target to $230

Earlier this month, investment banking firm KBW recognized 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 a research report, KBW increased its Coinbase price target from $160 to $230 while retaining its market performance rating.

At the same time, Coinbase has encountered its share of regulatory challenges.

Last month, Judge Katherine Polk Failla of the U.S. District Court for the Southern District of New York ruled that the SEC’s lawsuit against Coinbase may proceed.

This ruling followed Coinbase’s motion to dismiss the SEC case, which involves allegations that the exchange operates as an unregistered securities exchange, broker, and clearing agency.

In her ruling, Judge Failla stated that the SEC’s lawsuit against Coinbase had “plausible” grounds.

“The Court finds the SEC has adequately alleged that Coinbase operates as an exchange, as a broker, and as a clearing agency under federal securities laws, and through its Staking Program engages in the unregistered offer and sale of securities,” the court document indicated.

However, she granted a partial victory to the exchange against the regulator by dismissing the SEC’s claims regarding Coinbase’s Wallet.

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