The US Securities and Exchange Comission has concluded that the DAO tokens ARE SECURITIES.
The SEC has determined that DAO tokens can be considered securities under american law, not just that, they are clear to say that this is just a particular investigation but it has to be taken into account because "may other activities as the distributed ledger technology" can fall under U.S federal securities law.
Source: www.sec.gov
Not just that, the US Government are planning to intervene any possible future ICO's targeting that:
Full Report Here: https://www.sec.gov/litigation/investreport/34-81207.pdf
It is up to the people to maintain the freedom of this market!
The blockchain without the decentralization is WORTHLESS!