I'm sure EOS doesn't want to be a security and I haven't seen any determination by the SEC itself that it is. The biggest risk factor is statements by the head of the SEC that he thinks pretty much every ICO is a security (don't quote me, I'm roughly paraphrasing at best). I personally find the ambiguity of it all very annoying as well.
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Keep it in limbo indefinitely with ambiguity, I guess. About as effective as regulating it, except there's no apparent kick back (fee/tax) this way.