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When Trump was re-elected, the cases against him became unprosecutable and were dropped. Smith can't legally release the evidence. Someone could sue to have the evidence released and a judge would have to order that to happen. Which did happen in the documents case and judge Cannon ruled against releasing it.

What Smith is doing is reminding Trump that, right now, the evidence is sealed. If DoJ tries to prosecute Smith in connection with ANY of the cases he was working on, that evidence, any memo's or emails discussing whether to charge Trump or not would become evidence in Smith's prosecution. He would finally be able to take that material into a court room and introduce it as evidence in his defense.

As an example, if he is charged with malicious prosecution in the J6 case, then Smith gets access to all the J6 material as part of the discovery process and can introduce it as defense exhibit 1, 2, 3, etc. Likewise with the stolen documents and other cases he was involved in.

Smith is literally daring Trump to prosecute him so he can finally take the evidence into a court room (as a defendant instead of prosecutor) and make his case before a jury. Trump can't be convicted this way, but the evidence will be public record for ALL TO SEE.