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Coinbase board member Kathryn Haun to step down from post

Her departure may raise some speculation and questions about the company’s future and affect the cryptocurrency market in terms of its reputation and investor confidence.

Date: 2024-04-22 Author: Łukasz Michałek
Coinbase board member Kathryn Haun to step down from post

Kathryn Haun, a former deputy U.S. attorney and partner at Andreesen-Horowitz, has announced plans to step down from Coinbase ‘s board. Haun has served on Coinbase’s board for the past seven years and has played a key 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 to thrive in the evolving cryptocurrency landscape. However, she also affirmed 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 growing in a similar way, and I think it’s the right time to redouble our efforts to support our growing portfolio of founders and build a sustainable venture franchise.”

Haun’s decision draws community attention

Brian Armstrong, CEO of Coinbase, praised Haun as a “force of nature” that took a risk for Coinbase and played a key role in the company’s path to becoming a publicly traded entity.

“Being a former Department of Justice prosecutor , my favorite role was her advice on regulatory strategy and when to compromise and when to go to court, which, as you can imagine, came in handy,” Armstrong wrote.

Similarly, Paul Grewal, chief legal officer at Coinbase, applauded Haun as “the ultimate weapon in the boardroom that every CLO would want.”

The resignation will officially take effect at Coinbase’s upcoming annual shareholder meeting, scheduled for this summer. The board expects to reduce its overall composition to seven members following Haun’s departure.

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KBW raises Coinbase’s target price to $230

Earlier this month , investment banking firm KBW praised Coinbase for offering investors a unique opportunity to capitalize on the long-term growth potential of the cryptocurrency economy and raised its target price for COIN to $230.

In a research analysis, KBW raised Coinbase’s target price from $160 to $230, while maintaining its market performance rating. Meanwhile, Coinbase also faced serious regulatory issues.

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 could proceed.

The judge’s decision came after Coinbase filed a motion to dismiss the SEC’s case, which borders on allegations that the exchange is acting as an unregistered securities exchange, broker and clearing agency.

In her ruling, Judge Failla stated that the SEC’s lawsuit against Coinbase was based on “credible” grounds.

“The Court finds that the SEC has sufficiently established its position that Coinbase acts 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,” – argues the court document.

However, it acknowledged the exchange’s partial victory over the regulator, rejecting the SEC’s claims against Coinbase’s portfolio.

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Łukasz Michałek
Łukasz Michałek
Founder of the rapidly developing cryptocurrency channel "Biblia Kryptowalut" on YouTube. He also co-creates the Arena Trading group with Marek. Łukasz is fascinated and passionate about blockchain technology and cryptocurrencies, which constitute the central element of his activity in the cryptocurrency industry.
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