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RE: Steem - Binance issues apology letter to Steem Community
I think it is reasonable to assume that if he would sell his stake in a public auction, that there would be many new investors coming in to Steem and those Tokens will be treated as regular Steem Tokens. That way we could promote the sell as - Steem becomes more decentralized - and Justin Sun could promote on this and hopefully releases SMT as well on the way :-)
So they are treated as ordinary coins to others, but not to Justin? Not sure how that would work out...
I think there is a difference between a private sale between justin and Ned, and the opportunity to auction of the stake in a public sale.
Private agreements like "not voting" should have been clarified in the private sale but they didn't, that doesn't mean that those Steem Tokens could become regular Tokens when distributed to many investors.