SEC, Ethereum is Decentralized
Due to the decentralized nature of the Ethereum network, no central authority has the ability to manipulate the system to defraud investors. It is essentially a tool, not a security issuance with an expectation of future gains.
Certain ICOs, may be considered securities however, if they raise funds with the expectation of returns from their investors. Also, if the tokens represent part of a company that has centrally managed assets, then it could be susceptible to SEC scrutiny as well.
All things considered, this is great news for the crypto community at large.