Then let's focus in your question about the sea level drop. It is pretty obvious a regression happened, at least at North America.
The sea level drop appears to be global too, according to Matsumoto (2002) and associated to a slowing down of global tectonic activity.
Tectono-eustasy may have been the main cause of the phenomena of transgression-regression, but certain kinds of other tectonic movements which affected even the so-called stable platforms were also responsible for the phenomena. The combined effects of various causes may have been unusual in the Cretaceous, since it was a period of global tectonic activity. The slowing down of this activity followed by readjustments may have been the cause of the global regression at the end of the Cretaceous.
Zofia Dubicka, Danuta Peryt (2012): "Latest Campanian and Maastrichtian palaeoenvironmental changes: Implications from an epicontinental sea (SE Poland and western Ukraine)", Cretaceous Research Volume 37, October 2012, Pages 272-284. https://doi.org/10.1016/j.cretres.2012.04.009
T.Matsumoto (2002): "Inter-regional correlation of transgressions and regressions in the Cretaceous period", Palaeogeography, Palaeoclimatology, Palaeoecology. Volume 187, Issues 1–2, 1 November 2002, Pages 35-60 https://doi.org/10.1016/S0031-0182(02)00504-7