Yeah and Coinbase just fired back: https://blog.coinbase.com/coinbase-does-not-list-securities-...

This will be the central issue of the case. It'll be interesting! Will Coinbase step in to defend this guy who they were going to fire, just to prove that they don't list securities?

I think maybe it's only strange if you assume the SEC has unlimited money and time. Grandparent comment says it better, but they're likely focusing on cases they think are pretty clear-cut.

I'm interested in cases like Rari where there was a decentralized governance mechanism but it was dominated by a "core team", that feels like it encompasses a larger slice of the space than I would have expected. Many of the others are deeply unsurprising though, they are US corporations, took VC investments, have active managerial teams which are all employees of that corp, and advertise themselves as working to increase token value.