Coinbase在SEC顯微鏡下的基礎：它是交換嗎？

Coinbase捍衛了SEC審查，認為基礎設施是基礎設施，而不是交換。令牌探索和Defi增長為辯論增加了層次。

Coinbase's Layer-2 network, Base, is facing increasing regulatory scrutiny from the SEC, raising questions about its classification as a potential securities exchange. Let's dive into the heart of the matter.

Coinbase的第2層網絡基礎正在面臨SEC的越來越多的監管審查，從而提出了有關其作為潛在證券交易的分類的問題。讓我們深入研究問題的心臟。

Coinbase CLO Defends Base: "It's Just a Normal Blockchain"

Coinbase Clo捍衛基地：“這只是一個普通的區塊鏈”

Paul Grewal, Coinbase's Chief Legal Officer, has been vocal in defending Base. He argues that Base operates as blockchain infrastructure, not a platform for matching securities trades. In an interview with Bankless, Grewal emphasized that transaction matching happens within applications built on Base, like automated market makers, not at the Layer-2 level itself. It’s like saying AWS is an exchange because exchanges use it.

Coinbase的首席法律官Paul Grewal一直在捍衛基地。他認為，基地是區塊鏈基礎設施，而不是與證券交易相匹配的平台。在接受《無岸》採訪時，格雷瓦爾強調說，交易匹配發生在基礎基礎上的應用程序中，例如自動化的做市商，而不是在第二層級別上本身。這就像說AWS是一種交流，因為交換使用它。

SEC Scrutiny and the Definition of an Exchange

SEC審查和交換的定義

The SEC defines an exchange as a marketplace that brings together buyers and sellers of securities. Commissioner Hester Peirce has even warned that centralized sequencers could resemble exchange matching engines. Grewal pushes back, asserting that Base's design avoids these conditions. He warns that mislabeling Base could stifle innovation and increase costs.

SEC將交易所定義為一個市場，將買賣雙方匯集在一起​​。專員赫斯特·皮爾斯（Hester Peirce）甚至警告說，集中的音序者可以類似於交換匹配引擎。 Grewal向後推，斷言Base的設計避免了這些條件。他警告說，錯誤標籤的基礎可能會扼殺創新並增加成本。

Base's Decentralization Push and Token Exploration

基地的權力推動和代幣探索

Coinbase is exploring launching a native network token for Base, a shift from their earlier stance. Jesse Pollak, who leads the Base project, revealed this at BaseCamp 2025. While no decisions have been made on the token's design or timeline, it signals a move towards greater decentralization and developer participation. This comes alongside the launch of an open-source bridge with Solana, enhancing interoperability.

Coinbase正在探索啟動一個本機網絡代幣的基礎，這是與他們早期立場的轉變。領導基本項目的傑西·波拉克（Jesse Pollak）在Basecamp 2025上透露了這一點。雖然對代幣的設計或時間表沒有做出任何決定，但它表明朝著更大的權力下放和開發者的參與方面邁進。這是與Solana開源橋的推出，從而增強了互操作性。

Base: A Growing DeFi Powerhouse

基礎：不斷增長的defi強國

Despite the regulatory uncertainties, Base is rapidly growing in the DeFi space. With $4.83 billion in total value locked across more than 700 protocols, it's becoming a major player. Daily DEX volumes are approaching $2 billion, with perpetuals adding another $1.1 billion. This growth underscores Base's utility and adoption, even as it navigates regulatory challenges.

儘管有監管不確定性，但基礎在Defi空間中仍在迅速增長。在700多個協議中，總價值鎖定了48.3億美元，它已成為主要參與者。每日DEX量接近20億美元，永久性增加了11億美元。這種增長強調了基地的實用性和採用，即使它涉及監管挑戰。

My Two Satoshis

我的兩個satoshis

The SEC's scrutiny of Base highlights the ongoing tension between innovation and regulation in the crypto world. Classifying Base as an exchange could have serious implications for the entire Layer-2 ecosystem. However, Base's move towards decentralization and its impressive growth in DeFi suggest that it's more than just a potential exchange; it's a burgeoning ecosystem with significant potential.

SEC對基地的審查突出了加密貨幣世界中創新與監管之間持續的緊張關係。將基礎歸類為交換可能會對整個2層生態系統產生嚴重影響。但是，基斯在權力下放及其令人印象深刻的增長方面的發展不僅僅是潛在的交流。這是一個具有巨大潛力的新興生態系統。

So, is Base an exchange? The debate continues. But one thing's for sure: it's a space to watch. And who knows, maybe one day we'll all be trading tokens on Base while sipping artisanal coffee in a Brooklyn loft. Until then, keep your eyes peeled and your crypto wallets ready!

那麼，基礎交換是嗎？辯論仍在繼續。但是可以肯定的是：這是一個值得關注的空間。誰知道，也許有一天，我們都會在布魯克林閣樓（Brooklyn Loft）飲手工咖啡時在基礎上交易代幣。在此之前，請保持眼睛剝落，並準備好加密錢包！