Just as in reef tanks or FOWLR setups, this is really the decision of the aquarist. Seahorses don't need a substrate of any sort, but the asthetics of a sandbed must be weighed against the ease of maintenance a bare-bottom tank provides. Personally, I prefer the sand. A fine arragonite sand bed (dsb or normal sb) provides extra biological filtration, and a sugar-sand bed is fairly easy to maintain. Just stay away from larger crushed shells or crushed coral in the mix, as these contain sharp edges that may scrape a seahorses tail if the horse slithers along the bottom, as some occasionally do.