Regulatory uncertainty clouds layer-2 sequencers as industry and SEC differ

Coinbase chief legal officer Paul Grewal and Base founder Jesse Pollak argued that Layer-2 (L2) sequencers constitute infrastructure rather than exchanges. Their statements contradict the current regulatory stance, considering SEC Commissioner Hester Peirce has previously warned that centralized matching engines may face exchange registration requirements. source: https://cryptoslate.com/regulatory-uncertainty-clouds-layer-2-sequencers-as-industry-and-sec-differ/