A version of this op-ed originally appeared in the Wall Street Journal. The below is an excerpt, you can read the full version here.
Coinbase, the largest U.S.-based cryptocurrency platform, has filed with the Securities and Exchange Commission Wednesday that it is leaving Delaware. We are reincorporating in Texas, which has become an increasingly attractive hub for innovative companies like ours. It’s a shame that it has come to this, but Delaware has left us with little choice.
As a lawyer who’s practiced for many years on King Street in Wilmington, Del., I’m saddened by the need to depart. For decades, Delaware was known for predictable court outcomes, respect for the judgment of corporate boards and speedy resolutions. These traits made the state the one-stop shop for major company incorporations—which have brought in more than a billion dollars in annual revenue to the state.
Additional Information and Where to Find It For additional information regarding Coinbase’s decision to reincorporate to Texas, please see the applicable information statement that Coinbase will file with the SEC, available at www.sec.gov.
About Paul Grewal
Paul Grewal is the Chief Legal Officer of Coinbase. Before joining Coinbase, Paul was Vice President and Deputy General Counsel at Meta. Prior to Meta, Paul served as United States Magistrate Judge for the Northern District of California. Paul was previously a partner at Howrey LLP, where his practice focused on intellectual property litigation. Paul served as a law clerk to Federal Circuit Judge Arthur J. Gajarsa and United States District Judge Sam H. Bell. He received his JD from the University of Chicago Law School and his BS in Civil and Environmental Engineering from the Massachusetts Institute of Technology.
Coinbase has entered an agreement to acquire The Clearing Company, a prediction markets company innovating at the frontier of regulated, onchain markets. The team brings deep expertise that will help power and scale prediction markets on Coinbase.
