A token that was originally distributed by a single corporation or person . They have already defined a bit of that here. https://www.sec.gov/litigation/investreport/34-81207.pdf
My questions come because some coins that are DPOS are under attack and have been removed completely from exchanges, that do not have decentralized governance. For example bittrex, another exampleis binance removing USA traders.
My guess, SEC doesn't care about origin as much as governance.