A better question to answer is what boxes of the securities test does it tick?
Read this
- Investment of money? Nope it is for buying resources, no investment to be seen
- Investment in a common enterprise? Nope not an investment in anything
- A reasonable expectation of profit? Nope not by a reasonable person. A crypto investor is not a reasonable person for this question. Speculation in markets is not a reasonable expectation of profit. Shares on the other hand is expecting a profit derived from the efforts of the employees. (Dividends)
- returns derived from the effort of others? Nope the node operator does their own effort, IE they earn SNT.
Its reasonably clear that SNT is not a security, but if you feel it is then I doubt I could help you see otherwise. The important people in authority will apply such tests and the SEC has already declared “in-game”/“in-network” tokens as not being securities. SNT is clearly a “in-network” token by the very definition of “in-network token” No marketing as a profit making device or even that one would get any money from selling a SNT.
Although as far as I can see your analysis would make anything a security.