Coinbase and the SEC's Approach to Regulating Cryptocurrency

If these are all Wall Street questions, surely then the regulations should follow the same path. Or is the then this is where the tech layer starts getting a little murky or opaque? That's three, maybe three different answers. The first sort of narrow answer is that Coinbase is a US company registered in the US and regulated in the US. But FTX was in the Bahamas and before that it was in Hong Kong and before that they were somewhere else. And the same thing with Binance, no one actually seems to know, and really knows where Binance is.