The SEC's position is reflected in the following aspects:

Ripple (XRP) Case: In December 2020, the SEC filed a lawsuit against Ripple Labs, claiming that it conducted an unregistered securities offering by selling XRP. Although this case focuses on XRP, it reflects the SEC's regulatory attitude towards most cryptocurrencies.

SEC's lawsuit against Coinbase: In a recent legal action, the SEC sued Coinbase, claiming that some of the cryptocurrencies on its platform are unregistered securities. The lawsuit involves multiple cryptocurrencies and further demonstrates the SEC's strict regulatory attitude towards crypto assets.

The SEC's position on cryptocurrencies is generally based on the application of the Howey test in the Securities Act. The Howey test is a standard used to determine whether a transaction constitutes a securities investment contract. Under this test, if a transaction involves the investment of money in a common enterprise with the expectation of profits that are primarily dependent on the efforts of others, the transaction may be considered a security.

Despite the SEC's strict regulatory attitude towards cryptocurrencies, there are currently no specific state laws that clearly classify Bitcoin and Ethereum as securities. In May this year, the House of Representatives voted to pass the 21st Century Financial Innovation and Technology Act, also known as the FIT21 Act. Although if passed, this bill will clarify the US regulatory framework for cryptocurrencies, promote the safe launch of blockchain projects in the United States, clarify the regulatory responsibilities of the SEC and CFTC, and end the feud between the SEC and CFTC and the torture of project parties, but overall, 71 Democrats and 208 Republicans voted in favor of the bill, and 3 Republicans and 133 Democrats voted against it. President Joe Biden opposed the bill with a policy statement, although he did not say he would veto it. The bill will be revised and submitted to the Senate, and Biden's approval will eventually be required, and the specific time is yet to be determined.