The major bitcoin fraudster Coinbase played the usual corporate trick of incorporating in Delaware because Delaware has rigged its laws to favor tax evaders and fraudsters. Amazingly, Delaware has finally lost its patience with the worst criminals.
WSJ has an “editorial” written by Coinbase’s head criminal. His words in bold followed by interlinear translations:
Coinbase, the largest U.S.-based cryptocurrency platform, has filed with the Securities and Exchange Commission Wednesday that it is leaving Delaware. We are reincorporating in Texas, which has become an increasingly attractive hub for innovative companies like ours.
Texas has become an attractive hub for crime and fraud like ours.
For decades, Delaware was known for predictable court outcomes, respect for the judgment of corporate boards, and speedy resolutions. These traits made the state the one-stop shop for major company incorporations, which have brought in more than $1 billion in annual revenue to the state.
Taking bribes from criminals is always profitable.
Several states have recently adopted policies aimed at increasing economic freedom, which drives competition—the laboratory of democracy at work.
This “country” was founded by tax evaders and corporate criminals who wanted freedom from the normal obligation to pay workers and pay taxes. The founders destroyed a large part of the country in 1860 to guarantee that no obligation would ever happen again. From 1870 to 1920 the country was owned and operated by JP Morgan. Harding started to break away from the criminals and got smashed. FDR managed to break the stranglehold in a semi-permanent way, which held up for 40 years until Nixon reasserted “economic freedom” for Wall Street killers.
Polistra's Mill 