No doesn't mean it won't. The SEC just hasn't seen avalanche yet.
This.
Today, they might have not labelled it as a security but because there are other coins that they're targeting and prioritizing. But it won't be surprising if they change their decisions and will declare that as a security.
It will be a matter of time but if not then I'm wrong, and congratulations to the holders of it but that doesn't mean that everyone should also buy that coin.