is stratis considered a security-token ?
"Tokens are almost always securities. The SEC will treat virtually all tokens as securities, and token issuers should treat their tokens as securities.
"Utility Token" does not mean what you think it means. The SEC believes that tokens that have or will have utility generally are still securities. Legal or other opinions that a token is a "utility token," and therefore is not a security, are unlikely to be persuasive to the SEC.
A token does not stop being a security when the related platform becomes "operational." This is a corollary to the fact that utility tokens often are still securities. Whether or when a token stops being a security is a highly fact-specific question, which likely turns on factors like the continuing degree of involvement of one or more platform sponsors in the token ecosystem and whether the tokens are largely being purchased and held for consumptive purposes or for investment purposes. None of these have any likely correlation to the time a token platform becomes operational.
You can't add your way out of a token being a security. Whether a token or any other instrument is a security is based on statutory provisions and many decades of carefully crafted court and SEC decisions. None of those provisions or decisions relies on assigning numerical values to various factors and adding them together to try to reach a target score. While some token issuers have tried to rely on purported tests that use such a mathematical approach, the SEC likely will not be persuaded that such a numerical exercise is useful to the analysis of whether a token is a security.
Technical and technological distinctions between tokens generally are not relevant to the question of whether a token is a security. For example, there is no difference in the analysis of whether a protocol layer token and an application layer token is a security. The differences between the two may be very significant for some purposes, but both are likely to be securities to the SEC. Similarly, distinctions between and among terms like "coins," "tokens," and "currencies" may have important distinctions in some contexts; there is no distinction in the analysis of whether they are securities.
Is your token really that different from all other tokens? For those token issuers that still want to argue that their tokens are not securities, you may want to ask yourself this: if the SEC thinks that each of the hundreds or thousands of tokens it has seen are securities, what are the fundamental differences between your token and all those others that make your token the only one that is not a security? Do you really want to risk an enforcement action (and potential token-holder litigation) on that distinction?"
https://www.coindesk.com/ico-issuers-fix-problem-sec-fixes/