How Does the SEC’s Current Stance on Bitcoin and Ethereum Differ from Other Tokens?
The SEC has publicly stated that Bitcoin is not a security, and its former Director of Corporation Finance indicated that Ethereum's network is sufficiently decentralized that transactions in Ether are not securities transactions. This stance is based on the maturity and decentralization of these networks.
Most other tokens, especially those launched via an Initial Coin Offering (ICO) with a central team, are generally viewed with more scrutiny as potential securities.