The chairman of US Securities and Exchange Commission claimed, that bitcoin cannot be classified as a security. This is a replacement of sovereign currencies, that’s why, it doesn’t fit under the classification.
He didn’t explain anything about other cryptocurrencies, however, he clarified, why he believes, that tokens and ICOs can be regarded as securities. Why? Because they give a return. You buy tokens or ICOs and with the same, you invest in a project. If the project succeeds, you get profit. So, tokens and ICOs can be regarded as securities, based on the principle of their work.
However, despite this statement, he claimed as well, that the SEC will not make anything to support cryptocommunity in general and ICOs in particular.