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In 2024, Elon Musk moved both Tesla (NASDAQ: TSLA) and SpaceX to Texas after a Delaware court invalidated his $56 billion compensation package. In February this year, Dropbox cited “litigation risk” as it left Delaware and reincorporated elsewhere. Andreessen Horowitz, the Silicon Valley venture capital firm, followed in July, criticizing Delaware’s Court of Chancery for injecting “an unprecedented level of subjectivity” into its rulings. Now, Coinbase (NASDAQ: COIN), the largest cryptocurrency exchange in the United States, has joined a growing list of high-profile companies leaving Delaware for Texas. Texas is the next haven for Corporate America Texas officials have welcomed the migration, positioning the state as a pro-business alternative to Delaware. The state has no corporate income tax, a growing technology hub in Austin, and a favorable regulatory stance toward blockchain and digital assets. Businesses in the U.S. are increasingly seeking jurisdictions that align with innovation, entrepreneurship, and crypto-friendly policies. For crypto companies like Coinbase, Texas has emerged as a top destination also because of its deregulated power market and vast renewable energy supply, making it ideal for blockchain infrastructure and mining operations. Scroll to Continue Recommended Articles Politically, Texas leaders, like Governor Greg Abbott (R-TX.) and Sen. Ted Cruz (R-TX), have embraced crypto innovation, fostering a culture that celebrates builders and decentralization. Grewal said, “Coinbase is not the first company to make this decision — and we surely won’t be the last.” More News: World’s largest payment network tests stablecoin payouts to users Coinbase launches new platform for early access to digital assets More surprising news on Veterans day sends Bitcoin, XRP reeling Coinbase says 'bye' to Delaware Coinbase’s chief legal officer, Paul Grewal, announced that the company would relocate its legal home from Delaware to Texas. Writing in The Wall Street Journal, Grewal explained that while Delaware once set the standard for corporate law, recent court decisions have shaken confidence in its predictability. The move comes amid a broader exodus of major corporations out of Delaware — long considered the “gold standard” of U.S. incorporation. Coinbase’s CEO, Brian Armstrong said: “Texas has a strong culture of celebrating builders who are growing our economy and embracing crypto. By this metric, it was an easy choice.”
