共同审查，基础和SEC审查：导航监管迷宫

Coinbase的第2层网络（基础）在获得Fefi Traction时面临SEC的审查。本文探讨了Coinbase的防御，基地的增长和Stablecoin激增。

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

共同审查，基础和SEC审查：导航监管迷宫

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正在行走绳索，平衡了其2层网络的爆炸性增长，并与SEC的监管审查越来越多。这是一个纽约分钟的情况，创新符合监管，赌注很高。

Base: Blockchain or Exchange?

基础：区块链还是交换？

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坚决：基础是区块链基础设施，而不是证券交易所。他认为，基地仅提供了铁轨，而买卖双方的实际匹配发生在其上面构建的应用程序中。这样想：基地是高速公路，而DEX是汽车经销店。

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.

专员Hester Peirce此前曾警告说，集中式测序师可以类似于交换匹配引擎，因此属于SEC的管辖范围。但是Ripple CTO David Schwartz支持了Grewal的位置，将第2层网络比喻为诸如Amazon Web Services之类的云提供商，这些云提供商托管了交换代码，但并未将其分类为交换本身。

Base's Booming DeFi Ecosystem

基地的蓬勃发展生态系统

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.

尽管有监管云，但基地仍在蓬勃发展。目前，它在700多种协议中持有48.3亿美元的TVL，尽管短期波动，但每月增长稳定。每日分散交易所（DEX）量接近20亿美元，而永久交易又增加了11亿美元。

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.

促进生态系统的协议包括机场，uniswap，Aave和Spark。机场仍然是主要的流动性中心，尽管它依靠激励措施，导致净收益负面。相比之下，Spark已成为增长最快的贷款平台之一，在过去一个月中，TVL增长了41％。

Stablecoins: The Quiet Engine

Stablecoins：安静的引擎

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.

稳定蛋白是Coinbase的主要增长驱动力。在第2季度，“ Stablecoin收入”达到了3.32亿美元，增长了12％，得到了平均USDC余额的增长。 Coinbase Payments于今年夏天与Shopify推出，允许购物者以USDC支付基础，并为商人提供熟悉的工具，例如授权/捕获和退款。这应该转化为大规模分布的出色分布。

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现在正在探索为基地启动本地网络令牌，从而扭转了其早期的立场。领导基本项目的杰西·波拉克（Jesse Pollak）强调，尚未做出决定，但探索是加速权力下放的努力的一部分。

The Regulatory Road Ahead

前方的监管道路

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的立场仍然是最不明的。该机构对Grayscale的Cardano ETF的决定已延长至2025年10月26日，这一延迟将分析师归因于该机构在评估与加密相关的工具时更加谨慎。

Final Thoughts

最后的想法

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在基础上和稳定菌都投注。他们是否能够成功地浏览监管景观还有待观察。但是可以肯定的是：这将是一个疯狂的旅程。因此，搭扣，抓一些爆米花，享受节目！