Steem Power earns STEEM at a regular rate and thus could be considered a security. Steem Dollars also earn STEEM simply for holding. It is unclear to us how this will be viewed.
In my view all of the Steem tokens including Steem Power and Steem Dollars pass the Howey test and come under the SEC purview.
It must be an investment of money - Yep
The money must be held in a common enterprise - Yep
There must be an expectation of profit - Yep
The profits must come solely from the efforts of others - Yep
I don't really see how any of the Steem token stable aren't securities.