I wonder if (applying the Howey Test to Steem/Steemit) if the creator/curator fits the criteria for the 4th category, given that's basically how profits are generated by non-investors... Just a thought.

After reading the article by @lukestokes, (about all ICO's qualifying as securities) two things come to mind... On one hand all ICO's are a means of investing- therefore fit the mold so to speak. However, almost all ICO's are structured differently, so it's difficult to judge them all together- they have to be looked at individually. Having said that ad given my experience with how governments operate (poorly and corruptly at best) I can say with relative certainty, that they will undoubtedly lump them together.