币界网报道：Coinbase's tokenization strategy has drawn criticism from Framework Ventures co-founder Vance Spencer, who argues the exchange's approach lacks a clear vision for integrating crypto with traditional finance (TradFi). Speaking at the Permissionless conference, Spencer suggested Coinbase should focus on creating a "financial layer" rather than pursuing fragmented tokenization efforts. He emphasized the need for crypto to develop its own financial system rather than merely replicating TradFi products. Spencer's comments come as Coinbase expands its tokenization initiatives, including a partnership with BlackRock on the BUIDL fund. While acknowledging Coinbase's strong regulatory positioning, Spencer contends the exchange could better leverage its compliance advantage to build native crypto financial infrastructure. The critique highlights ongoing debates within the industry about how best to bridge decentralized finance with traditional financial systems.