That will be interesting. I think it's clear that the SEC went after someone like Kraken first because their resources are limited relative to a Coinbase that can take these things further. Good to book an initial, easy win.
I posted in the NFT thread, but the big new thing is ordinals/inscriptions on Bitcoin.
https://medium.com/coinmonks/ordinals-an-overview-of-bitcoin-nfts-795c39447e23
People are mostly using the inscriptions for NFTs now, but you can theoretically put all kinds of data directly on the chain. It has clogged the mempool of unconfirmed transactions and caused fees to rise. This kind of use seems like it will eliminate any concerns about fees not supporting mining as the block rewards shrink.
The other interesting angle is the legal effect this will have as people place all kinds of data on the chain, some of which will be illegal.
I'm not into this stuff, but the big new development is ordinals/inscriptions on Bitcoin. Explainer here.
https://medium.com/coinmonks/ordinals-an-overview-of-bitcoin-nfts-795c39447e23
I'm not sure how the SEC shutting down essentially a high risk, interest bearing program protects investors. No one staking Cardano or some shit on Kraken is blind to the risks.
Also, nothing the SEC could do would've stopped FTX. Gensler met with Sam B-Cups personally so he wasn't that concerned.
But, more scrutiny is coming either by legislation or regulatory fiat. The most centralized coins will be rekt worst. Their development and use will be pushed to other jurisdictions if they survive.