Re: The SEC is right. It's not about Bitcoin, it's about centralized shitcoins.
I don't think all centralized exchanges will come under attack from SEC. There are still some that do not offer products like staking, and they can limit altcoin tradings to non-security coins. Or close the door definitively for US customers. We sometimes forget that the US has only 3 or 4% of the world's inhabitants 
It is true that not all centralized exchanges can come under the scrutiny of the SEC, but it is inevitable that actions and regulations proposed by major regulatory bodies such as the SEC can have far-reaching consequences. The global cryptocurrency market is interconnected, and the actions taken by leading regulators can influence the behavior of other regulatory bodies around the world.
Where is it going? If we look at Market Confidence and Investor Protection where SEC regulatory oversight can ultimately contribute to a more stable and trustworthy environment for participants, attracting institutional investors and driving long-term growth in the Bitcoin market. My opinion is therefore that, even if a particular exchange is not directly affected, the regulatory environment as a whole could have an impact on the broader Bitcoin ecosystem.