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Are L2s Exchanges? Vitalik Says No.
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Vitalik Buterin: Base is “doing things the right way.”
Non-custodial
Built on Ethereum security
Not an exchangeSEC’s Hester Peirce warned centralized sequencers look like exchanges, but Coinbase insists L2s are just infrastructure — like AWS, not Binance.
The debate: Should regulators treat L2s as exchanges or leave them as Ethereum scaling layers?
