Coinbase Disrespects Delaware on Its Way Out

Paul Grewal explains “

Why Coinbase Is Leaving Delaware for Texas” (op-ed, Nov. 13) without giving the First State a fair shake. While casting Delaware’s leadership in corporate chartering in the past tense (“was known,” “once provided,” “once revered”) and portraying Texas as “increasingly attractive,” he ignores that Delaware remains the corporate home of three-quarters of all IPOs in 2025, more than two-thirds of the S&P 500 and two-thirds of the Dow Jones—categories in which Texas barely registers.

Mr. Grewal asserts that Delaware’s trial court is “rife with unpredictability.” Never mind that, at most, a few recent decisions have sparked genuine debate—and each is either on appeal or has been reversed. He praises Texas’s codification of the business-judgment rule, and for good reason: Delaware developed that doctrine generations ago, and its courts have consistently treated it as a bedrock principle of corporate law.