The SEC distinguishes Bitcoin from other cryptocurrencies and considers it to be a decentralized digital cash, exempting it from the classification of "security" that applies to many other tokens.
I doubt that this is the best solution reached by the SEC to define a definition that is consistent with its vision, especially since it is unable to fit it with the centralization that characterizes its policies. In this way, it will be easy to contain Bitcoin and recognize its eligibility.
I also suspect that the same definition could include dollar-backed stablecoins.
Bitcoin, due to its decentralized nature, market cap, and lack of involvement by its founder, does not fit the criteria of a security according to them.
But this is supposed to include other cryptocurrencies that have the same characteristics. There are fully decentralized currencies that have the popularity that qualifies them to have an important place in the currency market. The first coin that comes to mind is a Dodge coin that could be included under the same definition.