Solvents and Enzymes
One of the great properties of enzymes is their specificity. Even broadly specific enzymes such as lipases and proteases are picky compared to, say, a general base catalyst. As a result, if you are interested in degrading a single specific compound (cocaine in your example), it is very likely that you can find or engineer an enzyme to do the job. But if you want to degrade a wide variety of compounds with different structures, you will need a diverse set of enzymes, each specific for one or a few of the compounds.