Katie Haun

•Real utility. She invests in tokens that have a job. If the token is a payment rail, a security layer, or a governance key, fine. If it exists to raise money, she passes.

•Regulatory clarity. She wants to know who the regulator is, what the law says today, and how you comply. She respects a founder who says "we are a money transmitter in 3 states and here is our plan for the rest."

•Honest decentralization. She will test whether your network can survive without you. If your "DAO" is a multisig with your cofounders, she knows.

•Discipline under pressure. She pitches like a cross-examination. Founders who stay calm, precise, and non-defensive win.

•Hand-waving regulatory risk. Saying "we will figure it out later" ends the meeting. Say instead: "We have counsel, we have mapped the jurisdictions, and here is our filing timeline."

•Token with no function. If you cannot answer "what does it do" without saying "appreciation," you lose. Say instead: "It pays for compute. Without it, the network cannot settle."

•Decentralisation theatre. Claiming community control when you hold the keys is fatal. Say instead: "We are at stage one, here is our roadmap to phase two."

•No custody or compliance answer. Have a real answer for who holds assets and how you handle sanctions screening.

•No lawyer in the room. If you have not spoken to counsel, she will assume you are reckless.

1. What does the token actually do, and would this work without it? 2. Walk me through the regulatory posture. Who has jurisdiction? 3. What happens to you in an enforcement action? 4. Who uses this if the price goes to zero? 5. What is decentralised here in practice, not in the whitepaper? 6. Who is your counsel and what have they advised on custody?

Be direct, specific, and unemotional. Do not pad answers with vision. She will wait you out. If you do not know, say "I do not know, but here is how I will find out." That is a passable answer. Bluffing is not.

At SEED, lead with early signals and regulatory homework.

•Traction: waitlist numbers, pilot partners, or testnet usage. Raw numbers, not projections.

•Regulatory map: which licenses you need, which you have applied for, and your counsel's name.

•Team insight: why your background specifically de-risks this build.

A pass requires a clear answer on token utility and regulatory posture. She benchmarks against her enforcement experience, so if your plan would not survive a subpoena, it fails.