That's an insufficient answer considering how many different flavors of registrations the SEC has; e.g. Reg A+ vs. Reg D.
Even so, that's what SAFTs tried to do, but it looks like the SEC may be concerned about their structure.
It's extremely simplistic. In some circumstances, the coin offered in an ICO might not be a security, for instance, and then it doesn't come under the SEC's jurisdiction.
They have said that pretty much every coin offered in an ICO does qualify as a security.