The Steemit white paper says,
The value each currency achieves depends upon the demand for influence within a
particular community and how large the market believes each community can get.
This is classic "we are not issuing securities" language.
By contrast, Ned Scott's entire oratorical emphasis during Steemfest and immortalised on youtube was about "revenue from advertisers". Oh yes, revenue is that thing that actually results in stocks' value, isn't it? Answer: only if it there is a means for stock holders to get some of it.
The minute, nay, nanosecond that Steem holders taste some of Steemit's planned income what they hold becomes a security and with that cometh the SEC. But, hold on, you just value "influence" don't you and are content with seeing those dear content producers and curators getting paid, right? In fact, you want all those future juicy fat profits to accrue to those same producers and curators, right? You don't want Steem to have any value other than that derived from the pleasure of seeing something you care about being rewarded, right? Then why the hell are Steem tokens appreciating so fast?
What say you Steemit community? Will you use your SP to inflect these fears down, like a parent state inhibiting the use of the internet to silence those that dare to speak truth to "power"?