In a move that reverberated across corporate and legal circles this week, Coinbase — the largest U.S.-based cryptocurrency exchange — announced that it will formally leave Delaware and reincorporate in Texas.
The decision, disclosed in a filing with the Securities and Exchange Commission, was accompanied by a sharply worded Wall Street Journal opinion piece from Paul Grewal, Coinbase’s chief legal officer, who argued that Delaware’s once-gold-standard legal environment has devolved into an unpredictable arena driven by activist rulings and inconsistent outcomes.
The announcement marks a dramatic turn for Delaware, long regarded as the corporate capital of America.
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