Binance may have to prove their reserves for their tokens in circulation or they may face legal actions but it won't be any affect to the crypto market even to the Binance atleast in the long term because people prefers more USDT than anyother stable coin so in my opinion this is just a precaution by the SEC to make sure the assets are actually backed by as they claim.

Fall of a centralized project, scam, hack won't affect the cryptos in the long run.