Latest news with #HaunVentures
Axios
7 days ago
- Business
- Axios
Latest Senate stablecoin bill addresses foreign issuers, national security safeguards
Since it passed out of the Banking Committee in March, Sen. Bill Hagerty's legislation on issuing stablecoins now specifically has language addressing conflicts of interest and national security protections. Why it matters: Stablecoin legislation in the Senate has addressed many of the Senate Democrats' most pressing concerns, but still carries one notable exception. The big picture: The revised version of the GENIUS Act does more to constrain stablecoin issuers to protect consumers, undermine criminal activity and secure the banking system. "GENIUS now in its current form is more prescriptive. Just in terms of specific requirements," James Rathmell, general counsel of Haun Ventures, tells Axios. Catch up quick: The original legislation that cleared banking in March (S. 394) was a slimmer bill, one that primarily dealt with issuance. The majority leader exercised a special rule to let Hagerty bring a new version to the floor, S. 1582. The Senate agreed to a motion to proceed on the bill, by a vote of 69-31. Zoom in: The details of this legislation have been shifting fast, but these are changes we can see from the published draft: One large issue has been foreign issued stablecoins, such as the world's largest, tether. In order for their stablecoins to trade among U.S. users, under the latest version, foreign stablecoin issuers will have their nation's regulatory regime assessed by the Treasury and other banking regulators for comparability with the U.S. In particular, they will need to have the technological capacity to comply with law enforcement requests, such as seizing and freezing criminal assets (the big stablecoins can do this now), as described in a more detailed anti-money laundering section than that found in the prior version. Between the lines: The teeth in the new version of GENIUS comes in how it deals with non-compliant stablecoins. After three years, no U.S.-based cryptocurrency distributors can touch non-compliant stablecoins, and significant penalties for knowing non-compliance are detailed in the current version. In addition, the new version has other language, including preventing stablecoins from offering yield (Sec. 2), requiring audits, preventing misleading marketing and slightly expanding the list of reserve assets (all in Sec. 4). Yes, but: The elephant in the room is President Trump's family crypto ventures, which have been a stumbling block for pro-crypto members of Congress. The revised GENIUS act introduced new language reiterating existing ethics rules that would prevent federal elected officials from issuing stablecoins, but those rules are generally understood to exempt the president — and enforcement has always been the key issue anyway.
Yahoo
24-03-2025
- Business
- Yahoo
Haun Ventures Targets $1 Billion for New Crypto Funds, Expects Oversubscription
Haun Ventures, a venture capital firm led by former federal prosecutor Katie Haun, is aiming to raise $1 billion to invest in the cryptocurrency sector. The funds, expected to close by June 2025, will be split equally between early-stage and late-stage investments, with $500 million allocated to each. The goal of $1 billion is lower than the $1.5 billion Haun Ventures raised in 2022, which was deployed during the crypto market downturn, largely after the collapse of FTX. However, the firm anticipates the new round will be oversubscribed, despite the smaller target. Haun Ventures, founded by Haun in 2022, is positioned to benefit from changing market conditions compared to the 2022 funding round. The firm was part of a wave of large venture capital investments in the crypto space, with major firms like Andreessen Horowitz backing its formation. Haun, who has a background as a Coinbase board member and a general partner at Andreessen Horowitz, launched Haun Ventures to make significant investments in blockchain startups. The firm's focus on the crypto sector has led to some notable investments, including in Bitwise's $70 million funding round, alongside investors such as Electric Capital and MassMutual. Haun Ventures' strategy remains to target both early-stage and more established blockchain projects. While the precise focus of the upcoming funds has not been publicly detailed, industry experts have suggested that stablecoins could continue to be a key area of interest in 2025, with stablecoin use having grown as a strong case for crypto in 2024. Haun Ventures' first fund, raised in 2022, was deployed cautiously following the collapse of FTX and the overall downturn in the cryptocurrency market. Despite these challenges, the firm's capital was mostly kept in reserve until 2023, with about 60% of the funds unspent by the middle of the year. Some of Haun Ventures' key investments include NFT platform Zora and stablecoin protocol Bridge, which was recently acquired by Stripe for $1.1 billion. Other venture capital firms, such as Paradigm and Pantera Capital, are also aiming to raise substantial funds in 2024. Paradigm closed an $850 million investment fund in June 2024, while Pantera Capital is looking to raise over $1 billion for a new blockchain-focused fund. Industry analysts predict that while crypto VC investment in 2025 may surpass 2024's funding levels, it will not reach the peak levels seen in the 2021 bull market when $33.8 billion was raised. Despite the shifting landscape, Haun Ventures is optimistic about the future of the crypto market. The upcoming fundraising round is expected to be one of the largest in recent years, signaling strong confidence in the sector's long-term growth.
