The thing that makes a token a security is pooling money as ownership in an asset.
Buying PAL is not a security. Your ownership interest is nothing beyond owning the token. That token does allow you to influence the distribution of future inflation, but that's not the same thing as owning a partial share of an asset.
Buying a token that represents a share of business? Security. The business equity is the asset and the token represents your contribution to the pool of funds.
IIRC aggroed put something in a recent post about creating a KYC layer or section to SE to allow for securities.
Yeah, you have to be real in order to own something. There needs to be an officially government recognized way to tie an account to your real identity for it to be a security.
Then there most likely needs to be another sidechain just for securities, as there will be all sorts of esoteric laws and restrictions that apply to bonafied securities.