The agency has been under increasing pressure to do so, as the Cryptocurrency market has grown in size and complexity. The SEC's actions against Binance and Coinbase are a sign that the agency is taking a more aggressive approach to regulation.

The case against Ripple is still ongoing, but there is a good chance that Ripple will be successful in its defense. The SEC's case against Ripple is based on the argument that XRP is a security. However, Ripple argues that XRP is not a security, but rather a currency. The case hinges on the definition of a security, which is a complex and evolving legal issue.

The dismissal of the case against FTX is a setback for the SEC. However, it is important to note that the case was dismissed on procedural grounds, not on the merits of the case. The SEC could still bring a new case against FTX.

The SEC's actions against Binance, Coinbase, and FTX show that the agency is taking cryptocurrency regulation seriously. However, the SEC's approach to regulation has been criticized by some as being too aggressive and arbitrary. The SEC will need to find a way to balance its desire to protect investors with its need to avoid stifling innovation.

It is possible that the SEC's actions against Binance, Coinbase, and FTX are more political than anything else. The United States has a large national debt, and the government is always looking for ways to raise revenue. By regulating cryptocurrencies, the SEC could potentially generate billions of dollars in revenue for the government.

However, it is also possible that the SEC is simply trying to protect investors. The cryptocurrency market is a Wild West, and there are a lot of scams and frauds out there. The SEC wants to make sure that investors are protected from these scams and frauds.

Only time will tell what the SEC's ultimate goal is in regulating cryptocurrency. However, it is clear that the agency is taking a more aggressive approach to regulation. This is a sign that the SEC is taking cryptocurrency seriously, and it is something that investors should be aware of.