RE: Hive is a Security

1. An investment requires a contract. Hive generally has been sold to an intermediary token and I know of no US based USD to Hive avenues, which also stretches "of money"... Can you invest a commodity in a security?
2. A common enterprise also run into problems in Hive. 794.106 Statutory definition of “enterprise.": “Enterprise” means the related activities performed (either through unified operation or common control) by any person or persons for a common business purpose, and includes all such activities whether performed in one or more establishments or by one or more corporate or other organizational units including departments of an establishment operated through leasing arrangements, but shall not include the related activities performed for such enterprise by an independent contractor...
   I know more independent contractors(also a stretch) on hive than bonafide businesses, blocktrades and splinterlands aside... they could be independent contractors to hive's enterprise... But then where is the line actually drawn? If only independent contractors produce blocks and provide API... then there is only the enterprise of writing the code, which as far as I can tell also is done by independent contractors.
3. Given... The only people who don't have a profit motive are actually worse. What other motive is there? Spite? If it's to help your fellow man, then you are hoping they profit.
4. Roundly speaking, you get paid on hive based on your own action. Sure, a rising tide lifts all ships... but at no point as any other persons effort being directed toward a HODLr for the HODLr's sake. They will have had to perform their own effort in the form of a transaction to power up Hive or put it in an HBD savings state.

Securities laws were made for securities. Commodities laws were made for commodities. I can't think of anything that happens on Hive that isn't a free speech issue.