Coinbase legal office Paul Grewal cited unpredictable rulings in Delaware’s Chancery Court as the reason for leaving in an op-ed for The Wall Street Journal.
Coinbase (COIN), the largest U.S.-based cryptocurrency exchange, announced on Wednesday that it is leaving Delaware and reincorporating in Texas.
In a post on X, the company simply announced that, “Bye Delaware, Hi Texas.” However, a more detailed op-ed by the company’s chief legal officer, Paul Grewal, in The Wall Street Journal hinted at a deeper divide.
He cited “unpredictable outcomes” in Delaware’s Chancery Court as the primary reason for the move. Grewal said Texas offers a more predictable legal environment and greater governance flexibility.
COIN’s stock gained more than 2% in the pre-market trade, with retail sentiment on Stocktwits trending in ‘bullish’ territory amid ‘normal’ levels of chatter over the past day.
“It’s a shame that it has come to this, but Delaware has left us with little choice.”
– Paul Grewal, Chief Legal Officer, Coinbase
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