Not really because she mentions SEC doesn't evaluate the businesses themselves when they apply for an IPO. Coinbase doing an IPO (and them using this argument

Not really because she mentions SEC doesn't evaluate the businesses themselves when they apply for an IPO. Coinbase doing an IPO (and them using this argument against SEC) is not being compared to heroin. The comparison is that Coinbase would go to SEC and ask "hey we want to sell these bitcoin futures and securities, is it okay?" and SEC says "nope it isn't" and Coinbase just says "okay we'll sell it anyways", which is exactly what they did. They knew the law existed and applied to crypto, yet they decided to go against it anyways because they thought they could get away with interpretation shenaningans.