Regulators are not acting on good faith. It is plain to see this was a coordinated "attack" in released both lawsuits back-to-back, even if you do believe all the things claimed by them are actually securities. No way the investigations just happened to f

There is some divisiveness on the topic of securities. Some believe staking as a service does fall under securities laws and some disagree. Some also have a difference of opinion over whether a number of tokens outlined are securities, from the likes of MATIC to XRP to SOL etc. However, what is undeniable is that this was a coordinated plan of action by the SEC and probably also from others backing them.

There are two separate cases of Coinbase and Binance. The lawsuits for both companies were released back to back and it would seem, for maximum effect, negative effect that is. However these cases have little to do with each other. While there is some similarity over a number of tokens the SEC alleges to be securities as well as staking as a service being a securitized service, the Binance case is MUCH deeper and insidious going into allegations of mass wash trading, market manipulation, comingling of user funds, evasion of regulations and more.

The real problem here is, it is EXTREMELY unlikely and difficult to convince anyone, regardless of pro-securities or not, that the SEC just happened to finish investigation of both cases at the same time. The only other conclusion is that they saved one case and purposely waited and released them both simultaneously. And we all know how the public consumes news, that they would simply presume that any and all the bad news with Binance is mirrored with Coinbase.

If you were a regulator acting in good faith this is exactly what you would NOT do.