Haun VenturesIntroducing Haun Ventures
By Katie Haun Today, we’re introducing Haun Ventures, a firm designed from the ground up to help founders build the next generation of the internet. We’ve raised $1.5 billion in capital to support the growth of web3. We’ll invest through two platforms: a $500 million early stage fund and a $1 billion acceleration fund. My path to web3 My road to crypto and then to venture was unconventional. I spent over a decade at the U.S. Department of Justice prosecuting organized crime, murders, public c...
Haun VenturesThe Web3 Voter
By Chris Lehane and Tomicah Tillemann At Haun Ventures, our belief that we need new rules for new things is central to our advocacy for web3. For over a decade, many in the crypto community have focused on effecting change through engagement with the executive branch of government. As we head into a new chapter for the space—a moment in which a myriad of new use cases beyond finance are emerging—it is the other two branches of government, the legislative and the judiciary, that will feature p...
Haun VenturesTaking A Long Term View of Web3
By Katie Haun and Fred Wilson The events surrounding FTX have shaken the confidence of many. How did one of the largest crypto exchanges collapse so quickly? Why do meltdowns like this seem to keep happening? At times like this, it helps to have a long-term view of web3 as a sector, not just a forward-looking long-term view, but also some perspective on where we have come from. As longtime investors in web3 and board members (also individual shareholders) of Coinbase, one of the oldest and be...
Investing in the next generation of the internet. Find us at https://www.haun.co/
Haun VenturesIntroducing Haun Ventures
By Katie Haun Today, we’re introducing Haun Ventures, a firm designed from the ground up to help founders build the next generation of the internet. We’ve raised $1.5 billion in capital to support the growth of web3. We’ll invest through two platforms: a $500 million early stage fund and a $1 billion acceleration fund. My path to web3 My road to crypto and then to venture was unconventional. I spent over a decade at the U.S. Department of Justice prosecuting organized crime, murders, public c...
Haun VenturesThe Web3 Voter
By Chris Lehane and Tomicah Tillemann At Haun Ventures, our belief that we need new rules for new things is central to our advocacy for web3. For over a decade, many in the crypto community have focused on effecting change through engagement with the executive branch of government. As we head into a new chapter for the space—a moment in which a myriad of new use cases beyond finance are emerging—it is the other two branches of government, the legislative and the judiciary, that will feature p...
Haun VenturesTaking A Long Term View of Web3
By Katie Haun and Fred Wilson The events surrounding FTX have shaken the confidence of many. How did one of the largest crypto exchanges collapse so quickly? Why do meltdowns like this seem to keep happening? At times like this, it helps to have a long-term view of web3 as a sector, not just a forward-looking long-term view, but also some perspective on where we have come from. As longtime investors in web3 and board members (also individual shareholders) of Coinbase, one of the oldest and be...
Investing in the next generation of the internet. Find us at https://www.haun.co/
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By Chris Lehane and Tomicah Tillemann
There has been a lot of noise, finger-pointing, and posturing about crypto regulation in the wake of several high-profile meltdowns in the industry. In the absence of meaningful new legislation—a.k.a. new rules for new things—many American officials continue to pursue regulation by enforcement, a posture that’s been unhelpful for builders working to create innovative, compliant products and services in web3. These recent trends are disappointing, but there are bright spots emerging overseas.
By abdicating its position of regulatory leadership, the U.S. is creating opportunities for policy arbitrage. Other countries are stepping in to provide needed regulatory clarity and protection for consumers. That’s why we’re monitoring the United Kingdom’s early, encouraging efforts to develop web3-friendly policies. There are still a lot of questions to be answered about how the rules in the U.K. will evolve, particularly around DeFi and stablecoins. However, the British government made an important announcement about their intention to provide regulatory clarity for digital asset projects in the U.K. this week. We are working closely with our portfolio to capitalize on this progress.
What’s Happening
The U.K. has taken a meaningful step toward a post-Brexit regulatory update for its financial sector that looks to be a sincere, serious effort to transform Britain into a global hub for digital assets. Today, U.K. Treasury official Andrew Griffith announced the beginning of what will likely be a rapid process to develop and formalize comprehensive rules for digital assets. This is the beginning of a consultative process, not the end. Many of the details still need to be finalized before we will know the full impact of the new regulatory package. At a minimum, we expect the new rules will cover best practices for exchanges, custody, and lending. They will also address issues related to consumer protection, operational resilience, and data reporting.
Why it Matters
While the past decade has been littered with governments making promising gestures that ultimately end up hindering innovation, there is reason to believe that the momentum in the U.K. could prove more meaningful to the long-term prospects of the ecosystem. Unlike the U.S., where the separation of powers complicates legislative action, the U.K.’s parliamentary system enables the party in power to act decisively. The new rules probably will not be delayed by partisan divisions. The U.K. has a long history of using policy innovations to further their global leadership in financial markets and well defined processes for making and updating financial regulations.
What Comes Next?
The consultations announced today will likely move quickly. The government has committed to collect input from the public by April 30.
Guidance on how to participate in the consultation is available here. We encourage members of the community to take part in the process. Policymakers want perspective on how to build a smart, successful framework to support economic growth and future innovation.
The government will likely seek to have comprehensive rules in place for both businesses and consumers by early next year.
The rulemaking in the U.K. represents the country’s first big effort to reshape its financial sector in the aftermath of Brexit. This broader package of reforms and regulatory updates will be critical to both the U.K.’s economy and London’s future as a financial hub. The bill could finally establish the certainty and clarity that the builders and communities have been seeking for years. If that happens, London may emerge as a destination of choice for web3 projects.
The new rules could also empower specific regulatory agencies—the Financial Conduct Authority and Payments System Regulator—to provide oversight for the sector. The Bank of England may get new powers to regulate the use of digital assets for payments and stablecoins. In the same way the Telecommunications Act passed by the U.S. in 1996 was grounded in a policy commitment to make the America a global leader in innovation, the new rules in the U.K. are based on a commitment to make the U.K. a global leader in the next generation of finance and technology innovation. Again, it is still too soon to speak with certainty about the ultimate outcome, but it’s a hopeful ambition that stands in contrast to the current posture of many regulators in Washington.
***
*This post is for informational purposes only, and does not constitute a recommendation to buy or sell securities or to pursue any particular investment strategy. This post should not be relied upon in evaluating the merits of any investment or any particular investment strategy. You should consult your own advisers as to business, financial, tax, legal, and all other related matters concerning any investment. The views expressed in this post reflect the current opinions of the authors and do not necessarily represent the opinions of Haun Ventures Management LP or its affiliates. Certain information in this post may have been obtained from third-party sources, including portfolio companies of Haun Ventures. While taken from sources that the authors believe to be reliable, Haun Ventures has not independently verified the accuracy of such information. Content is as of the date posted and subject to change without notice. Haun Ventures makes no representations about the enduring accuracy of information or its appropriateness for any given situation. Please see https://www.haun.co/disclosures for additional important information. *
This post is for informational purposes only, and does not constitute a recommendation to buy or sell securities or to pursue any particular investment strategy. This post should not be relied upon in evaluating the merits of any investment or any particular investment strategy. You should consult your own advisers as to business, financial, tax, legal, and all other related matters concerning any investment. The views expressed in this post reflect the current opinions of the authors and do not necessarily represent the opinions of Haun Ventures Management LP or its affiliates. Certain information in this post may have been obtained from third-party sources, including portfolio companies of Haun Ventures. While taken from sources that the authors believe to be reliable, Haun Ventures has not independently verified the accuracy of such information. Content is as of the date posted and subject to change without notice. Haun Ventures makes no representations about the enduring accuracy of information or its appropriateness for any given situation. Please see https://www.haun.co/disclosures for additional important information.
By Chris Lehane and Tomicah Tillemann
There has been a lot of noise, finger-pointing, and posturing about crypto regulation in the wake of several high-profile meltdowns in the industry. In the absence of meaningful new legislation—a.k.a. new rules for new things—many American officials continue to pursue regulation by enforcement, a posture that’s been unhelpful for builders working to create innovative, compliant products and services in web3. These recent trends are disappointing, but there are bright spots emerging overseas.
By abdicating its position of regulatory leadership, the U.S. is creating opportunities for policy arbitrage. Other countries are stepping in to provide needed regulatory clarity and protection for consumers. That’s why we’re monitoring the United Kingdom’s early, encouraging efforts to develop web3-friendly policies. There are still a lot of questions to be answered about how the rules in the U.K. will evolve, particularly around DeFi and stablecoins. However, the British government made an important announcement about their intention to provide regulatory clarity for digital asset projects in the U.K. this week. We are working closely with our portfolio to capitalize on this progress.
What’s Happening
The U.K. has taken a meaningful step toward a post-Brexit regulatory update for its financial sector that looks to be a sincere, serious effort to transform Britain into a global hub for digital assets. Today, U.K. Treasury official Andrew Griffith announced the beginning of what will likely be a rapid process to develop and formalize comprehensive rules for digital assets. This is the beginning of a consultative process, not the end. Many of the details still need to be finalized before we will know the full impact of the new regulatory package. At a minimum, we expect the new rules will cover best practices for exchanges, custody, and lending. They will also address issues related to consumer protection, operational resilience, and data reporting.
Why it Matters
While the past decade has been littered with governments making promising gestures that ultimately end up hindering innovation, there is reason to believe that the momentum in the U.K. could prove more meaningful to the long-term prospects of the ecosystem. Unlike the U.S., where the separation of powers complicates legislative action, the U.K.’s parliamentary system enables the party in power to act decisively. The new rules probably will not be delayed by partisan divisions. The U.K. has a long history of using policy innovations to further their global leadership in financial markets and well defined processes for making and updating financial regulations.
What Comes Next?
The consultations announced today will likely move quickly. The government has committed to collect input from the public by April 30.
Guidance on how to participate in the consultation is available here. We encourage members of the community to take part in the process. Policymakers want perspective on how to build a smart, successful framework to support economic growth and future innovation.
The government will likely seek to have comprehensive rules in place for both businesses and consumers by early next year.
The rulemaking in the U.K. represents the country’s first big effort to reshape its financial sector in the aftermath of Brexit. This broader package of reforms and regulatory updates will be critical to both the U.K.’s economy and London’s future as a financial hub. The bill could finally establish the certainty and clarity that the builders and communities have been seeking for years. If that happens, London may emerge as a destination of choice for web3 projects.
The new rules could also empower specific regulatory agencies—the Financial Conduct Authority and Payments System Regulator—to provide oversight for the sector. The Bank of England may get new powers to regulate the use of digital assets for payments and stablecoins. In the same way the Telecommunications Act passed by the U.S. in 1996 was grounded in a policy commitment to make the America a global leader in innovation, the new rules in the U.K. are based on a commitment to make the U.K. a global leader in the next generation of finance and technology innovation. Again, it is still too soon to speak with certainty about the ultimate outcome, but it’s a hopeful ambition that stands in contrast to the current posture of many regulators in Washington.
***
*This post is for informational purposes only, and does not constitute a recommendation to buy or sell securities or to pursue any particular investment strategy. This post should not be relied upon in evaluating the merits of any investment or any particular investment strategy. You should consult your own advisers as to business, financial, tax, legal, and all other related matters concerning any investment. The views expressed in this post reflect the current opinions of the authors and do not necessarily represent the opinions of Haun Ventures Management LP or its affiliates. Certain information in this post may have been obtained from third-party sources, including portfolio companies of Haun Ventures. While taken from sources that the authors believe to be reliable, Haun Ventures has not independently verified the accuracy of such information. Content is as of the date posted and subject to change without notice. Haun Ventures makes no representations about the enduring accuracy of information or its appropriateness for any given situation. Please see https://www.haun.co/disclosures for additional important information. *
This post is for informational purposes only, and does not constitute a recommendation to buy or sell securities or to pursue any particular investment strategy. This post should not be relied upon in evaluating the merits of any investment or any particular investment strategy. You should consult your own advisers as to business, financial, tax, legal, and all other related matters concerning any investment. The views expressed in this post reflect the current opinions of the authors and do not necessarily represent the opinions of Haun Ventures Management LP or its affiliates. Certain information in this post may have been obtained from third-party sources, including portfolio companies of Haun Ventures. While taken from sources that the authors believe to be reliable, Haun Ventures has not independently verified the accuracy of such information. Content is as of the date posted and subject to change without notice. Haun Ventures makes no representations about the enduring accuracy of information or its appropriateness for any given situation. Please see https://www.haun.co/disclosures for additional important information.
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