More potential pain for DAO investors

Not only have a number of those in the know commented that the loose and undefined relationship of DAO may be open to interpretation as a partnership but lawyers are suggesting this:

"The law is simply unprepared for DAOs. However, based upon the structure of The DAO, it is foreseeable that the US Securities and Exchange Commission (SEC) would view its tokens purchased by investors as a security or investment contract, subject to its jurisdiction.

The voting system implemented for The DAO is likewise problematic due to its mixed incentives and propensity to depress the value of ETH and its own tokens. Because investment in The DAO is laden with risk and seems to implicate SEC jurisdiction, The DAO may attract regulatory attention."

There is a lot more in the original article so here is the link
http://www.coindesk.com/the-law-of-the-dao/