Yes you're on point the SEC is the government in disguise trying to control and ruin the crypto ecosystem, many people might think they're doing their job, maybe cause they didn't invest with the said exchanges attacked, but the question is after coinbase or binance, who's next? This question would hit hard when the exchanges they're trading with are being attacked by the SEC as well.
SEC aren't the government in disguise, they're the government themselves because they control and regulate the market. They're trying to control cryptocurency exchange on the market and they know of they go after the big exchanges and win then it'll be easier when they go after the smaller exchanges. SEC wants to control and regulate the cryptocurrency market as they're doing to the stock and forex market.
Binance exchange and Coinbase are centralized exchange and they're meant to obey the laws of any country they're operating in. Only decentralized exchange are free from this lawsuit. Centralized exchange needs the approval of the government iof whatever country they operate.