SEC alleges that the tokens named in the lawsuit are securities because they give investors the expectation of profits from the efforts of the developers and users of the blockchain networks that they are built on.

The SEC argues that this expectation of profit is derived from the efforts of others, namely the developers and users of the Solana network.

The SEC's definition of a security is controversial, and it is possible that the courts will ultimately decide that the tokens named in the lawsuit are not securities. However, the lawsuit is a significant development in the crypto industry, and it is likely to have a major impact on the way that crypto tokens are regulated in the United States.