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paulgrewal.eth Profile picture
@iampaulgrewal
Nov 12 • 6 tweets • 2 min read • Read on X
Today @Coinbase is announcing our decision to leave Delaware and reincorporate in Texas. This decision was not made lightly, but we’ll always do what’s best for our customers, our employees, and our shareholders. 1/6
I’ve had great experiences in Delaware as a lawyer and judicial colleague, but the state no longer has a monopoly on corporate law. And it’s now facing stiff competition from other states that are innovating to offer the right environment for business and innovators to thrive. 2/6
Coinbase is not the first company to make this decision. We surely won’t be the last. What we are seeing is a return to a free market economy in all things, including regulation and judicial review. 3/6
Competition among states is healthy and it empowers businesses and innovators that are on ambitious paths. Texas’ corporate legal framework offers the right mix of efficiency, predictability, and fairness to be our home for incorporation. 4/6
I’d be remiss not to thank @GregAbbott_TX for all he has done to create an environment that welcomes ambitious companies like Coinbase with open arms. This is the bedrock of innovation in America. 5/6
We remain laser focused on our mission to increase economic freedom by building the onchain economy. And today’s decision keeps us on that road. You can read more about @Coinbase’s decision in my op-ed for the WSJ or in our prelim. info statement filed with the SEC. 6/6wsj.com/opinion/why-co…

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More from @iampaulgrewal

paulgrewal.eth Profile picture
Mar 27
The dominoes keep falling. South Carolina just joined Vermont to dismiss its unfounded staking lawsuit against @Coinbase. Staking will very soon be back for Coinbase users in South Carolina. This is not just a victory for us, but for American consumers and we hope it's a sign of things to come in the few states left that restrict staking. 1/3
South Carolinians lost an estimated $2 million in staking rewards due to this case. The 52 million Americans who own crypto deserve commonsense consumer protections and clear rules. We applaud South Carolina for standing up for justice and hope the remaining states with bans on staking will take notice. 2/3
We appreciate the work of Attorney General @AGAlanWilson to get this issue resolved for SC consumers. You can read the full filing here: 3/3scag.gov/media/q2adzrjt…
Read 4 tweets
paulgrewal.eth Profile picture
Mar 8
They haven't gotten the message. Despite a huge week for crypto across the rest of the federal government, on this late Friday night over at @FDICgov staff still continue to resist basic transparency into Operation Chokepoint 2.0. A few stark examples: 1/5
One of our requests concerns FDIC’s representation in a hearing before the Court that the agency had conducted “due diligence” to ensure that no documents were destroyed. We asked FDIC to describe what example that due diligence was. But FDIC has repeatedly refused to do so, and now takes umbrage at the request to explain the basis of its assertion to the Court. 2/5
In response to our requests for FDIC guidance or policies on processing FOIA requests—directly relevant to our policy-or-practice claims—the agency has produced only snippets from a few documents that have little to nothing to do with the specific FOIA policies or practices that History Associates has challenged in its amended complaint. What exactly are they hiding? 3/5
Read 6 tweets
paulgrewal.eth Profile picture
Jan 17
A picture of deceit, obfuscation, and bad faith is coming into focus at @FDICgov. Today we’re reporting to the federal court that the agency once again stonewalled legitimate requests for information in our case, and that we’re moving to amend our FOIA complaint to address their violations of law. 1/6
When we filed our original request, we asked for all pause letters that were identified by the Office of Inspector General. Without telling us or the Court, FDIC limited their search for pause letters to only those “contained” in the report — so other pause letters may exist. When we asked them to fix their supposed “reasonable interpretation” and stop playing word games, they told us it would take at least a year. 2/6
Meanwhile, whistleblower reports of widespread misconduct at FDIC are growing louder and louder, with allegations of improperly labeling documents, refusing to search certain databases, and even spending tax-payer resources researching me. We asked FDIC about this, they did not respond. 3/6
Read 6 tweets
paulgrewal.eth Profile picture
Jan 6
As terrible as OCP2.0 itself was, @FDICgov's abuse of FOIA Exemption 8 to cover it up has arguable been even worse. If we want government accountability, we need government transparency. As explained below, FDIC's redactions of its response to our FOIA request pursuant to Exemption 8 reflect blatant misrepresentations. 1/6Image
Tl; dr: FDIC lied. I don't say that lightly. But the redactions clearly weren’t about protecting confidential supervisory information. They were about covering up evidence that they tried to kill BTC transactions, the development of blockchain tech, and even a bank account for stablecoin reserves. 2/6
First, when the Court saw what was behind the redactions before we did, it said it was “concerned with what appears to be FDICs lack of good-faith effort in making nuanced redactions,” and admonished that the FDIC “cannot simply blanket redact everything that is not an article or preposition.” 3/6
Read 6 tweets
paulgrewal.eth Profile picture
Nov 26, 2024
Privacy wins. Today the Fifth Circuit held that @USTreasury’s sanctions against Tornado Cash smart contracts are unlawful. This is a historic win for crypto and all who cares about defending liberty. @coinbase is proud to have helped lead this important challenge. 1/6
These smart contracts must now be removed from the sanctions list and US persons will once again be allowed to use this privacy-protecting protocol. Put another way, the government’s overreach will not stand. 2/6
No one wants criminals to use crypto protocols, but blocking open source technology entirely because a small portion of users are bad actors is not what Congress authorized. These sanctions stretched Treasury’s authority beyond recognition, and the Fifth Circuit agreed. 3/6
Read 7 tweets
paulgrewal.eth Profile picture
Jun 29, 2024
Chevron: gone. Secondary sales in the Binance case: gone (more to say about that...). And now, late on a Friday, more stonewalling from @SECGov to stop Coinbase from obtaining documents from Gary Gensler in our litigation. 🧵⬇️
As background, in March 2021, Mr. Gensler told Congress that the SEC lacked regulatory authority over digital asset exchanges, confirming market participants’ longstanding view that transactions in digital assets traded on such exchanges fell outside the securities laws.
As a prominent professor of blockchain technology, and later speaking in his individual capacity even while serving as Chair of the SEC, Mr. Gensler made a host of other statements on this very matter, both to the public at large and to audiences of market participants.
Read 6 tweets

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