Katie Haun, the founder and CEO of Haun Ventures, recently shared her insights on the current state of the crypto market and why she believes it’s a favorable time for investors to get involved. Despite the recent market correction and regulatory concerns, Haun remains optimistic about the future of cryptocurrencies.
Key Takeaway
Katie Haun believes that despite the recent market correction and regulatory challenges, now is an opportune time to invest in crypto. With strategic timing and investments, there are significant opportunities in the evolving crypto landscape. However, she expresses concerns about the expansive jurisdiction of regulatory agencies like the SEC and emphasizes the importance of decisions made through established legal processes.
The Crypto Market Correction
Haun acknowledged that the crypto market experienced a setback due to various factors, such as the high valuation of bitcoin and the actions of regulatory agencies. However, she emphasized that this doesn’t mean it’s a bad time to invest.
Contrary to the perception that the crypto industry is stagnant, Haun revealed that her firm, Haun Ventures, has been actively engaged and busy. They intentionally waited for the market correction to make strategic investments, believing it to be a prime opportunity.
Haun explained, “We feel actually it’s a really good time to be investing in the space during this time.” She emphasized the importance of timing and strategic investments in the crypto market.
Haun Ventures’ Two Funds
Addressing the misconceptions about Haun Ventures, Haun clarified that they have two funds: an early stage fund worth $500 million and an acceleration fund for later-stage projects in crypto. She highlighted that they recently closed deals with two “iconic brands” in crypto, although she didn’t disclose their names.
While Haun Ventures raised a total of $1.5 billion across both funds, Haun stated that they haven’t deployed half of the larger fund and significantly less of the earlier stage fund. She expressed satisfaction with the fund size and revealed that they don’t intend to increase it, even in the event of a crypto bull run.
Regulatory Concerns and the SEC
Katie Haun also shared her opinions on the current regulatory landscape and the actions of the Securities and Exchange Commission (SEC). She expressed concerns about the agency’s expansive jurisdiction and emphasized that decisions should be made by courts and Congress, not independent agencies.
Haun criticized the current leadership of the SEC, led by Gary Gensler, for taking an overly expansive view of their jurisdiction. She argued that this approach extends beyond crypto and impacts other areas such as AI and climate regulation. Haun noted that federal judges have started to question the agency’s jurisdiction, suggesting that it may be a step too far.
Despite the regulatory challenges, Haun believes that regulators are currently trying to establish themselves as the “tough cop on the beat” and are going after whatever they can, even if they may not ultimately prevail.
Katie Haun’s Perspective on FTX
As a former federal prosecutor, Haun also shared some insights on FTX and its founder, Sam Bankman-Fried. While she had a few encounters with Bankman-Fried at conferences, she seemed cautious about discussing the details of their interactions, particularly in the context of government-related discussions.
Haun mentioned that she was on the side of Coinbase during one event and faced a largely pro-FTX audience. She alluded to “awkward moments” in a closed-door setting but refrained from elaborating further.
