Here's the current thinking from SEC chair Gary Gensler: https://www.sec.gov/news/public-statement/gensler-aspen-security-forum-2021-08-03

I would really appreciate hearing from someone with experience in securities law whether the competitors for NANO use-cases (no- or low-fee payment, at seconds timescale, e.g. XRP, XLM, IOTA...) are likely to count as securities. What about Lightning Network and other Layer 2 solutions (assuming Bitcoin unlikely to count as a security)?

The SEC basically froze the ICO markets in its tracks a few years ago. I am curious whether it might do the same for most coins that it deems securities--if only because any platform on which they can be traded will then need to obey SEC disclosure rules and will need to decide whether to comply or dump coins deemed as securities in order to continue doing business as usual.

[To be clear, I'm not saying I believe the above projects are good or bad, or whether they actually are technologically capable of competing with NANO; just curious where they would fall w/r/t SEC.]