今天 Coinbase 宣布我们决定撤出特拉华州,并重新在德克萨斯州注册成立。本次决定并非轻率做出,但我们始终将客户、员工和股东的最佳利益放在首位。 1/6 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 作为一名律师和法官同事,我过去在特拉华州有过很好的经历,但这个州已不再垄断公司法领域。如今,它正面临来自其他州的激烈竞争——这些州正通过创新,努力为企业与创新者提供更适宜发展的环境。 2/6 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 并不是第一家做出这种决定的公司,我们当然也不会是最后一家。我们正在见证的是一种自由市场经济的回归——涵盖所有领域,包括监管与司法审查。 3/6 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 各州之间的竞争是健康的,它能够赋能那些怀抱宏伟目标的企业与创新者。德克萨斯州的公司法律框架在效率、可预见性与公平性之间达到了理想的平衡,因此成为我们重新注册成立的理想所在地。 4/6 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 我当然要感谢 @GregAbbott_TX(德克萨斯州州长)为营造一个张开双臂欢迎像 Coinbase 这样有雄心公司的环境所做的一切努力。这正是美国创新的基石。 5/6 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 我们依然专注于自己的使命——通过建设链上经济(onchain economy)来提升经济自由度。而今天的这一决定,让我们继续坚定地走在这条道路上。你可以在我为《华尔街日报》(The Wall Street Journal)撰写的评论文章中,或在我们向美国证券交易委员会(SEC)提交的初步信息声明(preliminary information statement)中,了解更多关于 Coinbase 此次决定的详情。 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.
观点原文
今天 Coinbase 宣布我们决定撤出特拉华州,并重新在德克萨斯州注册成立。本次决定并非轻率做出,但我们始终将客户、员工和股东的最佳利益放在首位。 1/6
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
作为一名律师和法官同事,我过去在特拉华州有过很好的经历,但这个州已不再垄断公司法领域。如今,它正面临来自其他州的激烈竞争——这些州正通过创新,努力为企业与创新者提供更适宜发展的环境。 2/6
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 并不是第一家做出这种决定的公司,我们当然也不会是最后一家。我们正在见证的是一种自由市场经济的回归——涵盖所有领域,包括监管与司法审查。 3/6
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
各州之间的竞争是健康的,它能够赋能那些怀抱宏伟目标的企业与创新者。德克萨斯州的公司法律框架在效率、可预见性与公平性之间达到了理想的平衡,因此成为我们重新注册成立的理想所在地。 4/6
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
我当然要感谢 @GregAbbott_TX(德克萨斯州州长)为营造一个张开双臂欢迎像 Coinbase 这样有雄心公司的环境所做的一切努力。这正是美国创新的基石。 5/6
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
我们依然专注于自己的使命——通过建设链上经济(onchain economy)来提升经济自由度。而今天的这一决定,让我们继续坚定地走在这条道路上。你可以在我为《华尔街日报》(The Wall Street Journal)撰写的评论文章中,或在我们向美国证券交易委员会(SEC)提交的初步信息声明(preliminary information statement)中,了解更多关于 Coinbase 此次决定的详情。
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.
相关观点
- 到 2026 年,将是我穿上法袍满 10 年。我在联邦地区法院的每一分钟都无比珍惜。那种特权是显而易见的——权力、被尊重,以及不管笑话好不好笑,都会有人笑。但随着时间和距离的拉开,我开始看清司法服务所带来的扭曲。其中有三点尤为突出: 你看到的,往往只是人性中最糟糕的一面,并因此重新校准你对人类行为“奥弗顿窗口”的认知。非法移民——罪犯。大型科技公司——隐私窃贼。加密行业——毫无价值的骗子。但当你离开法官席,你会看到一幅更完整的图景:那些善良的人,以及他们的企业,正在真正提供什么样的价值。 你会开始以为,每个人都在细细品味你写下或说出的每一个字。于是你不必要地夸饰自己的观点,甚至在自己并不真正了解的领域,也接受演讲邀请。离开法官席后你才会意识到,人们真正想听的,是“职位”本身的声音,而不是那个本来并不起眼的个人。 你会错误地相信,法院的每一项裁决都在推动社会向前。当然,历史上确实存在一些极具深远影响的判例,比如 Brown v. Board 或 Bush v. Gore。但在 99% 的情况下,你所做的,不过是在清理前人留下的烂摊子——这些事情,除了当事双方之外,几乎无人关心。/完 2026 will mark 10 years since I wore a robe. I cherished every minute in the federal district court. The privileges are obvious—power, deference, and laughter at every joke whether funny or not. But time and space I see the distortions that come from judicial service. Three stand out: You only see the worst of humanity on display and come to view the Overton Window of human behavior accordingly. Illegals immigrants—criminals. Big Tech—privacy thieves. Crypto—useless fraudsters. But off the bench, you see a more complete picture of what good humans and their enterprises are providing. You think that everyone relishes every word you write or speak. So you needlessly embellish your opinions. You accept speaking engagements even on subjects you know little about. Off the bench you see that it’s the office people want to hear from, not the otherwise unremarkable person. You mistakenly believe that court judgments all drive society forward. There are of course hugely consequential moments that came from a Brown v Board or a Bush v Gore. But 99 percent of the time, you are just cleaning up messes from the last that matter to no one except the parties. /end paulgrewal.eth · 2025/12/24
- 美国货币监理署(OCC)今日的报告确认,9 家美国最大银行曾限制向加密行业公司提供银行服务,并将其与其他被其“任意认定不符合服务条件”的行业一同排除在外。我们对此次揭示这些有害且武断的“去银行化(debanking)”行为表示赞赏。 Today’s @USOCC report confirmed that 9 of the largest banks restricted banking access to companies in crypto, among others they arbitrarily deemed unfit for their services. We appreciate this light on these harmful and capricious debanking practices. paulgrewal.eth · 2025/12/11
- 当我听到SEC主席对于如何将创新注入资本市场监管中的这些深思熟虑的评论时,我简直不敢相信这是真的。 难以想象,就在一年多以前,上一任领导还在给我们讲“牛排 vs. Stake”之类的胡说八道。 (注:原文在讽刺上一任监管层对加密的无知,把 steak 当成 stake 来讲。) Listening to the Chairman’s thoughtful remarks on how to inject innovation into capital markets oversight, I had to pinch myself. Was it only a little more than a year ago that prior leadership was lecturing us on steak v. stake and all other manner of nonsense? paulgrewal.eth · 2025/12/03
- 我对以太坊和特拉华州都抱有很高期待——它们都有调整的能力。但如果犹豫不决,市场是不会等待的 I have high hopes for both Ethereum and Delaware—both can adjust. But if they dither markets won’t wait. paulgrewal.eth · 2025/11/30