Yes it can, by using the same infinite series that exp and ln use to compute. This one just costs less in money, hardware, energy, and is faster for basically every basic op.
And the basic monomial basis is not a single binary operation capable of reproducing the set of basic arithmetic ops. If you want trivial and basic, pick Peano postulates. But that’s not what this thread was about.
this preprint answers that in the affirmative
otoh, (x, y) -> 1/(x-y) does not answer this question at all. you can argue that the preprint does so "via the infinite series in an operation" (which I have no idea what that means; surely if exp(x) qualifies then so must 1/(x-y) if we pick a monomial basis?) but ¯\_(ツ)_/¯
now, do I think that this is groundbreaking magical research (as I'm currently seeing on twitter) no... But it's neat!