Layer 2 sequencers are looking at a tighter regulatory landscape. The upcoming Market Structure and Clarity Acts are poised to require these operators to register as exchanges under U.S. securities laws—a significant shift that'll reshape how the industry operates. This isn't breaking news; the warning signs have been there for a while. What's interesting is how certain major players have responded to the current legislative draft. Their pushback likely stems from exactly this concern: sequencer operations don't fit neatly into traditional exchange frameworks, yet regulators appear determined to bring them under that umbrella. The compliance burden could be substantial. Whether Layer 2 platforms will need to restructure their models or the regulations will be adjusted remains to be seen, but one thing's clear—this is shaping up to be a pivotal moment for the Layer 2 ecosystem.