Kathryn Haun to resign from Coinbase board

Kathryn Haun, formerly the assistant attorney general of the United States and a partner at Andreessen-Horowitz, has said that she will be resigning from the position on Coinbase’s board. Haun has been on the board of Coinbase for the last seven years and has significantly contributed to the company’s asset and advantage-building journey.

Haun’s contributions to Coinbase

On the X blog, Haun wrote that she strongly believed Coinbase would endure the transitioning crypto market and enjoy continuous progress inexpensively.

Nevertheless, she acknowledged the rapid growth of the crypto sector and mentioned that she decided to allocate more time to her company, an investment fund firm. Haun’s exit has gained admiration and a high appraisal from the community. Brian Armstrong, the CEO at Coinbase, honored Haun as she “got the vision” and was a great turner, making iron stakes that held the company to become a public institution.

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

Brian said that he is thrilled with her experienced legal advice from Haun, a former DOJ prosecutor, especially her debates on regulatory strategy and when to file a suit for violation, which, seeing these come into action multiple times, is quite important.

Thus, her departure would be effective at Coinbase’s Annual Meeting of Shareholders, which will be held later in the summer. The board is considering replacing two members, which would reduce the total to seven, supported by Haun’s resignation.

Coinbase regulatory challenges

The transition will face the elimination of one of the two women on the board of directors, which, again, is not only the lack of diversity and representation in the cryptocurrency industry but also the symptoms.

Just a few days ago, Investment Banking firm KBW acknowledged that Coinbase offered a great chance to pick out a meaningful portion of the investment that would then get a chance to grow and prosper in the crypto asset ecosystem. KBW increased its price target for COIN to $230.

In a research analysis, the KBW increased Coinbase’s target price from $160 to $230, despite the stock’s strong market performance. However, Coinbase has not escaped the multi-faceted challenges imposed by the regulatory environment, either.

Last month, Judge Katherine Polk Failla from the US District Court of the Southern District of New York concluded that the SEC can go ahead with the legal action against Coinbase.

The judge concluded considering Coinbase’s motion for dismissal, which led to the secretary of the SEC’s allegations that the exchange operates as an unregistered exchange, broker, and clearing agency. In her judgment, the judge concluded that the bases of the litigation brought forth by the SEC were “plausible”.