I've been flagging this issue for quite a while now. The potential regulatory classification of Layer 2 sequencers as exchanges under U.S. securities law could be a major headwind. This is likely shaping how major platforms like Coinbase are responding to proposed regulatory frameworks. When you think about it, if L2 sequencers face exchange registration requirements, it creates substantial operational and compliance burdens that could fundamentally reshape how these infrastructure providers operate. The uncertainty around sequencer regulation isn't just a technical debate—it's becoming a compliance nightmare that's actively influencing how the industry positions itself in ongoing policy discussions.