共同審查，基礎和SEC審查：導航監管迷宮

Coinbase的第2層網絡（基礎）在獲得Fefi Traction時面臨SEC的審查。本文探討了Coinbase的防禦，基地的增長和Stablecoin激增。

Coinbase, Base, and SEC Scrutiny: Navigating the Regulatory Maze

共同審查，基礎和SEC審查：導航監管迷宮

Coinbase is walking a tightrope, balancing the explosive growth of its Layer-2 network, Base, with increasing regulatory scrutiny from the SEC. It's a New York minute situation where innovation meets regulation, and the stakes are high.

Coinbase正在行走繩索，平衡了其2層網絡的爆炸性增長，並與SEC的監管審查越來越多。這是一個紐約分鐘的情況，創新符合監管，賭注很高。

Base: Blockchain or Exchange?

基礎：區塊鏈還是交換？

Coinbase's chief legal officer, Paul Grewal, is adamant: Base is blockchain infrastructure, not a securities exchange. He argues that Base simply provides the rails, and the actual matching of buyers and sellers happens within applications built on top of it. Think of it like this: Base is the highway, and the DEXs are the car dealerships.

Coinbase的首席法律官Paul Grewal堅決：基礎是區塊鏈基礎設施，而不是證券交易所。他認為，基地僅提供了鐵軌，而買賣雙方的實際匹配發生在其上面構建的應用程序中。這樣想：基地是高速公路，而DEX是汽車經銷店。

Commissioner Hester Peirce has previously warned that centralized sequencers could resemble exchange matching engines and therefore fall within the SEC’s jurisdiction. But Ripple CTO David Schwartz has backed Grewal’s position, likening Layer-2 networks to cloud providers such as Amazon Web Services, which host exchange code but are not classified as exchanges themselves.

專員Hester Peirce此前曾警告說，集中式測序師可以類似於交換匹配引擎，因此屬於SEC的管轄範圍。但是Ripple CTO David Schwartz支持了Grewal的位置，將第2層網絡比喻為諸如Amazon Web Services之類的雲提供商，這些雲提供商託管了交換代碼，但並未將其分類為交換本身。

Base's Booming DeFi Ecosystem

基地的蓬勃發展生態系統

Despite the regulatory cloud, Base is thriving. It currently holds $4.83 billion in TVL across more than 700 protocols, showing steady monthly growth despite short-term fluctuations. Daily decentralized exchange (DEX) volumes approach $2 billion, while perpetuals trading adds another $1.1 billion.

儘管有監管雲，但基地仍在蓬勃發展。目前，它在700多種協議中持有48.3億美元的TVL，儘管短期波動，但每月增長穩定。每日分散交易所（DEX）量接近20億美元，而永久交易又增加了11億美元。

Protocols fueling the ecosystem include Aerodrome, Uniswap, Aave, and Spark. Aerodrome remains a major liquidity hub, though it leans heavily on incentives, resulting in negative net earnings. By contrast, Spark has emerged as one of the fastest-growing lending platforms, posting a 41% TVL increase over the past month.

促進生態系統的協議包括機場，uniswap，Aave和Spark。機場仍然是主要的流動性中心，儘管它依靠激勵措施，導致淨收益負面。相比之下，Spark已成為增長最快的貸款平台之一，在過去一個月中，TVL增長了41％。

Stablecoins: The Quiet Engine

Stablecoins：安靜的引擎

Stablecoins are a major growth driver for Coinbase. In Q2, "stablecoin revenue" hit $332 million, up 12%, supported by rising average USDC balances. Coinbase Payments launched this summer with Shopify, allowing shoppers to pay in USDC on Base and providing merchants with familiar tools like authorization/capture and refunds. That should translate to excellent distribution at scale.

穩定蛋白是Coinbase的主要增長驅動力。在第2季度，“ Stablecoin收入”達到了3.32億美元，增長了12％，得到了平均USDC餘額的增長。 Coinbase Payments於今年夏天與Shopify推出，允許購物者以USDC支付基礎，並為商人提供熟悉的工具，例如授權/捕獲和退款。這應該轉化為大規模分佈的出色分佈。

A Native Token for Base?

基地的本地令牌？

In a twist, Coinbase is now exploring launching a native network token for Base, reversing its earlier stance. Jesse Pollak, who leads the Base project, emphasized that no decision has been made, but the exploration is part of efforts to accelerate decentralization.

曲折的是，Coinbase現在正在探索為基地啟動本地網絡令牌，從而扭轉了其早期的立場。領導基本項目的傑西·波拉克（Jesse Pollak）強調，尚未做出決定，但探索是加速權力下放的努力的一部分。

The Regulatory Road Ahead

前方的監管道路

The SEC's stance remains the big unknown. The agency's decision on Grayscale’s Cardano ETF has been extended to October 26, 2025, a delay that analysts attribute to the agency’s broader caution in evaluating crypto-related instruments.

SEC的立場仍然是最不明的。該機構對Grayscale的Cardano ETF的決定已延長至2025年10月26日，這一延遲將分析師歸因於該機構在評估與加密相關的工具時更加謹慎。

Final Thoughts

最後的想法

Coinbase is betting big on Base and stablecoins. Whether they can successfully navigate the regulatory landscape remains to be seen. But one thing's for sure: it's going to be a wild ride. So, buckle up, grab some popcorn, and enjoy the show!

Coinbase在基礎上和穩定菌都投注。他們是否能夠成功地瀏覽監管景觀還有待觀察。但是可以肯定的是：這將是一個瘋狂的旅程。因此，搭扣，抓一些爆米花，享受節目！