I will not ban a subject of discussion on the forum unless it's very clear that the forum cannot survive while allowing that discussion. I think discussion of securities is pretty safe. If not, it probably wouldn't be too hard to move the forum somewhere where it is safe.
The question is not "where is the forum?" but "where are the operators?" and "where are the servers?"
The forum may be in happy libertarian utopia-land, but if the operators are in jail, or the servers are seized, the forum isn't much fun any more.
Also, the problem is not "will bitcointalk.org get busted?" but "will having a forum labelled 'securities' help or hurt people whose activities are discussed in that forum?"
If we had a forum titled "child porn", and some people used it to discuss other people's business ventures, do you suppose it would help, hurt, or have no effect on those ventures, especially if the ventures were under legal/regulatory scrutiny?
