STEEM coins is a proxy for equity which is traded and basically a security. The SEC controls what can be a security and what cannot be along with the filings needed. Basically, the SEC has made it very limited on how a shared ownership model could work within the current rulings. I am hoping that Steem got a no action letter from the SEC. Regardless, I want this to succeed and the SEC challenge is the biggest threat from my work in this area.