Katie Haun thinks that the moment is right to invest in cryptocurrencies-In less than two years, Katie Haun raised $1.5 billion for two cryptocurrency funds after leaving Andreessen Horowitz. A crisis in the cryptocurrency market followed that. She reflected on what had transpired over the previous two years at TechCrunch Disrupt and reaffirmed her previous optimism regarding the future of cryptocurrency.
When Sam Bankman-Fried was still in charge of FTX and Bitcoin was trading at $65,000, Katie Haun was a general partner at a16z. And Haun concurs that those things significantly reduce the usable space. However, it’s a good moment to invest in cryptocurrencies.
“There’s a misconception that cryptocurrency is just crickets chirping out there. We are currently quite busy, but one of the things we did was to very purposefully delay doing some deployments after noticing this market correction, according to Katie Haun. I understand that this will sound strange, but we believe that now is a great moment to invest in the area.
She claims that there are a few false beliefs concerning Haun Ventures. “Oh wow, you raised it during a high market, amazing timing, peak. I think that’s another misconception. That wasn’t the case, in fact,” Haun remarked. “It was not a simple task. First, the value of the cryptocurrency market has decreased by 40% since its peak.
The perception of our fund is that it is one massive, tremendous $1.5 billion fund, which needs to be corrected. There are two of them. We have a $500 million early-stage fund. We carry out A, B, and C. Then there is an acceleration fund, which supports various cryptocurrency later-stage projects.
Regarding the bigger fund, Haun Ventures recently concluded two transactions in two “iconic brands” in cryptocurrency that are expanding quickly without disclosing them. Haun avoided mentioning these businesses.
Without providing specific figures, Haun claimed that her company has only used a portion of the greater fund. It’s much less than that for our earlier stage fund, she explained.
She is not sorry that she raised $1.5 billion between her two funds. She considers it to be the appropriate size and is certain that Haun Ventures will stick with it over the long term.
And by the way, even though the cryptocurrency market is experiencing a big bull run, we have no plans to become any larger. I’m sitting here openly declaring this on the record in a theatrical setting. We believe that our size and strategy were chosen for a reason, Haun remarked.
The SEC may have to return to Earth
Katie Haun had some strong feelings about some of the SEC’s judgments while discussing the agency’s recent regulatory concerns regarding cryptocurrency.
In this nation, the courts and Congress make the laws and regulations. Impartial organizations do not decide them. Therefore, something is different from the law just because an agency says it is. And many individuals are unaware of that. And as a result, we’ve seen agencies and certain government branches — by the way, across several administrations as well — become intensely involved,” Haun said.
She specifically condemned the present administration. “I think the SEC under [Gary Gensler] has really taken a very expansive view of their jurisdiction in a way that I think, by the way, make no mistake, it’s not just crypto, it’s on AI, it’s on climate,” said Haun.
And considering that’s not how our system is built up, that’s a little worrying. And I believe that’s the reason some federal courts have begun to express concerns, saying, “Wait a minute, this is a step too far,” she continued.
“In my opinion, the current situation is that regulators must demonstrate that they are the tough cop on the beat. They are pursuing everything they can, even though they might not ultimately succeed.
The end of FTX
Katie Haun, a former federal prosecutor, also had opinions regarding Sam Bankman-Fried and FTX as a whole. She did have a few encounters with him at conferences.
“I was on team Coinbase, and most of the audience members were FTX supporters. I won’t go into too much detail because the only other time I shared a stage with him—I guess I met him two or three times—was behind closed doors. But I can also tell you that there were some awkward moments when I was discussing government, and he kept saying, ‘Oh, I wasn’t registering,'” she added.
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