Cryptocurrency exchange Coinbase will rejoin Texas from Delaware, a move that highlights the legal and regulatory environments of the respective states.
In a Wednesday X post, Coinbase Chief Legal Officer Paul Grewal said the crypto exchange would move its incorporation to Texas. In a Wall Street Journal op-ed, Grewal wrote that Delaware’s court climate had become “riddled with unpredictable outcomes,” while Texas offered “efficiency and predictability.”
“This decision was not made lightly, but we will always do what is best for our customers, our employees and our shareholders,” Grewal said.
Coinbase announced in 2021, when COVID-19 restrictions were imposed in the United States, that it would close its physical headquarters in San Francisco as part of the company’s “remote-first” policy.
Although the crypto exchange has since opened another location in the city and maintains offices in New York, it was incorporated in the state of Delaware.
This is a developing story and more information will be added as it becomes available.
