The policy of double standards is the hallmark of the United States, so I am not surprised by the news because the United States is known for its double standards in general, not only in crypto, but in politics and economics as well.
Certainly, the Coinbase exchange has influential friends within the SEC who help it avoid paying large fines and getting into trouble, unlike Binance, which paid a fine of more than $4 billion on the pretext that it continues to violate the rules of the Commodity Futures Trading Commission (CFTC).
There is a more serious problem here in the interpretation of the Howey test.
SEC wants to manage the entire crypto market, so it is easier for them to value all coins and tokens as securities.
And there is a lot of interesting things here. USDT, USDC are backed by the dollar, which means this is not a security - this was at the SEC meeting, but DAI is backed by Ethereum, USDC and other assets, then according to the SEC it is a security.
And each new project will have to be fought in court, but the next one will be easier than the first.
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Coinbase will be forced to admit that they were trading securities, but since the status of these coins and tokens was not determined at that time, they will pay a fine and receive the necessary license.
