Coinbase在SEC显微镜下的基础：它是交换吗？

Coinbase捍卫了SEC审查，认为基础设施是基础设施，而不是交换。令牌探索和Defi增长为辩论增加了层次。

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层网络基础正在面临SEC的越来越多的监管审查，从而提出了有关其作为潜在证券交易的分类的问题。让我们深入研究问题的心脏。

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

Coinbase Clo捍卫基地：“这只是一个普通的区块链”

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一直在捍卫基地。他认为，基地是区块链基础设施，而不是与证券交易相匹配的平台。在接受《无岸》采访时，格雷瓦尔强调说，交易匹配发生在基础基础上的应用程序中，例如自动化的做市商，而不是在第二层级别上本身。这就像说AWS是一种交流，因为交换使用它。

SEC Scrutiny and the Definition of an Exchange

SEC审查和交换的定义

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将交易所定义为一个市场，将买卖双方汇集在一起​​。专员赫斯特·皮尔斯（Hester Peirce）甚至警告说，集中的音序者可以类似于交换匹配引擎。 Grewal向后推，断言Base的设计避免了这些条件。他警告说，错误标签的基础可能会扼杀创新并增加成本。

Base's Decentralization Push and Token Exploration

基地的权力推动和代币探索

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正在探索启动一个本机网络代币的基础，这是与他们早期立场的转变。领导基本项目的杰西·波拉克（Jesse Pollak）在Basecamp 2025上透露了这一点。虽然对代币的设计或时间表没有做出任何决定，但它表明朝着更大的权力下放和开发者的参与方面迈进。这是与Solana开源桥的推出，从而增强了互操作性。

Base: A Growing DeFi Powerhouse

基础：不断增长的defi强国

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.

尽管有监管不确定性，但基础在Defi空间中仍在迅速增长。在700多个协议中，总价值锁定了48.3亿美元，它已成为主要参与者。每日DEX量接近20亿美元，永久性增加了11亿美元。这种增长强调了基地的实用性和采用，即使它涉及监管挑战。

My Two Satoshis

我的两个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对基地的审查突出了加密货币世界中创新与监管之间持续的紧张关系。将基础归类为交换可能会对整个2层生态系统产生严重影响。但是，基斯在权力下放及其令人印象深刻的增长方面的发展不仅仅是潜在的交流。这是一个具有巨大潜力的新兴生态系统。

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!

那么，基础交换是吗？辩论仍在继续。但是可以肯定的是：这是一个值得关注的空间。谁知道，也许有一天，我们都会在布鲁克林阁楼（Brooklyn Loft）饮手工咖啡时在基础上交易代币。在此之前，请保持眼睛剥落，并准备好加密钱包！