The cryptocurrency exchange Coinbase will relocate its registration from Delaware to Texas, highlighting the different legal and regulatory environments across states.

Coinbase's Chief Legal Officer Paul Grewal stated in a post on the X platform on Wednesday that the cryptocurrency exchange will move its registration to Texas. In a column for The Wall Street Journal, Grewal wrote that the atmosphere in Delaware courts has become "filled with unpredictable outcomes," while Texas offers "efficiency and predictability."

Grewal said, "This decision was not made lightly, but we will always do what is best for our customers, employees, and shareholders."

Coinbase announced in 2021 that as COVID-19 restrictions in the U.S. eased, the company would close its physical headquarters in San Francisco as part of its "remote-first" policy.

Although the cryptocurrency exchange subsequently opened another office in the city and has an office in New York, it was originally incorporated in Delaware.

Before Grewal announced the news, Coinbase CEO Brian Armstrong stated that due to improvements in the U.S. digital asset regulatory environment, the company would "hire about 1,000 people in the U.S."

Since President Donald Trump took office, Armstrong has frequently visited Washington, D.C., to lobby for market structure legislation and attended the White House cryptocurrency summit.

Lee Bratcher, chairman of the Texas Blockchain Council, told Cointelegraph, "We are very excited about Coinbase's relocation and re-registration in Texas. Due to our friendly business environment, Texas has been a hub for companies relocating in the U.S. for decades. We now also have a regulatory environment that is friendly to digital assets."

Several cryptocurrency and blockchain companies have offices or operations in the Lone Star State, particularly mining companies like Riot Platforms, MARA Holdings, and Bitdeer. The state capital, Austin, is also home to local offices of major tech companies like Meta and Google.

A Coinbase spokesperson told Cointelegraph that the company "currently has no plans to open a physical office in Texas."

Texas Senator Charles Schwertner told Cointelegraph, "Coinbase's relocation reinforces Texas's status as a center of innovation and demonstrates our commitment to remaining the nation's premier business destination." Schwertner is one of the original sponsors of the state strategic Bitcoin reserve bill.

Related: Coinbase Business launches in Singapore, reshaping the payment landscape

Original article: “Coinbase relocates registration to Texas, citing a favorable legal environment”

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