Because the SECs role in IPOs have nothing to do with wether or not you are breaking securities law.
They are just testing that you are not lying in your public financial declarations.
They are just testing that you are not lying in your public financial declarations.
If so, that would be a huge scandal and the SEC should be investigated immediately.
A much simpler explanation is that crypto was largely ignored by regulators, including the very shady parts like FTX, for most of Coinbase's life. When FTX imploded, lawmakers turned on crypto and put pressure on the SEC to attack the industry. This is why there's been a whole series of actions by them in the last 6 months.