There is no question that those who are targeted currently by the SEC are expected to roll over or otherwise face a war of attrition. However, the SEC's mindset looks to be caught up in a bit of directionless ego decision-making. 

Let's be practical here. Gensler and company are highly dependent on the current Administration staying in power which, based on the recent outlook, looks highly unlikely for another terms. That said, no one should expect the Republicans to come riding in on white horses. They have shown little affinity for crypto; instead, their threat to Gensler and staff are the fact that he has been a stalwart networkee of the Democratic party and related appointees most of the attorney's career. So, when the GOP comes in, which is very likely with the 2024 election, Gensler gets the boot.

So, why then target big players like Binance and Coinbase, who are easily able to retain a stable-full of their own attorneys and protract out any legal battle for years to come? In government circles, this is not the way. Instead, you go for vulnerable, low-hanging fruit, make tactical, fast punches and score points until you have to wait and sit back until your next new appointment. For some reason, the SEC chief's legal team have in their heads that crypto companies are just going to roll over; that was the apparent misstep in the Ripple case. 

Gensler might be under the silly impression that Senator Elizabeth Warren is there to support him, but she's clearly just using the SEC chief as a pitbull for her own political ends to tout consumer protectionism. Gensler is now heavily exposed taking on major litigation fights on three fronts, and he hasn't even gotten to a substantive hearing on the latter two yet. 

Unfortunately, when you have an agency dominated by attorneys in their direction, they all think only like attorneys. And what do attorneys in government want to do the most? Litigate. Negotiation might be bread and butter for actual results, but government attorneys like those at the SEC make their glory suing and scoring litigious headlines. Who cares that the case might drag on for 10 years? They won't be around to manage it. By then, most of the attorneys involved on Gensler's staff will have promoted or been appointed to other things. It's literally a career of shit-stirring, wrecking companies and lives, and scoring reputation points for career movement. And worse, there's nothing that stops the train wreck before it starts. These law degree goofballs already destroyed LBRY and a few others, so they're convinced the crusade is on the right track.

There's only one problem. 

Now they're deep in the desert of the Nile and about to be surrounded by the heathens. Oops.