This is in line with SEC Chairman Clayton's recent statement that tokens can start off as securities but become non-securities and vice versa [1].
In particular, refer to his example:
"If I have a laundry token for washing my clothes, that's not a security. But if I have a set of 10 laundry tokens and the laundromats are to be developed and those are offered to me as something I can use for the future and I'm buying them because I can sell them to next year's incoming class, that's a security. What we find in the regulatory world [is that] the use of a laundry token evolves over time. The use can evolve toward or away from a security."
In general, a solid framework for evaluating tokens that should count as securities vs. non-securities is the one put together by Coincenter, which is available here:
https://coincenter.org/entry/framework-for-securities-regula...
[1]: https://coincenter.org/entry/sec-s-clayton-use-of-a-token-ca...