Exclusive: Coinbase's Choi: "You show your power with your feet"

Driving the news: Choi explained Coinbase's recent decision to move its incorporation from Delaware to Texas.

• "We frankly didn't want to be in a place where rules could be subverted by an activist judge," she said.

Context: She was referring to a Delaware judge's rejection of a Tesla shareholder vote endorsing a $56 billion pay package for Elon Musk, which led Tesla to leave the state.

• "We looked at what is happening to other companies. We look at the ecosystem constantly. We're like, 'Where are they pro-business?'"

The intrigue: Choi also warned that crypto could enter another "mini winter" over the next year, as trading volumes and retail activity cool from recent highs.

• But she said down cycles are often the most exciting times for crypto natives, when new products, infrastructure and real innovation take shape.
• "Winters are when the real builders come out," Choi said. "It's when the noise fades and the innovation gets interesting again."