RE: Does the STEEM Blue Paper respond to a recent decision by the SEC to consider some Crypto-Currencies Securities?
"There are some people who invest in Steem who profit primarily by the efforts of others. However, the bulk of Steemizens stand to profit primarily by our own efforts."
With respect, I think your analysis is wrong. The fact that you earn the tokens from your own effort isn't the point. The question is whether in owning the tokens you are making a profit.
Steem Power and Steem Dollars (under some circumstances) earn "interest"... ie you get Steem when you hold these tokens. I would say this is a perfect example of "profit that comes from the investment largely or wholly outside of the investor's control".
And for Steem, you said it yourself "There are some people who invest in Steem who profit primarily by the efforts of others". Profit in this case is in the price appreciation experienced to date for holders of Steem.
I would therefore argue that all 3 tokens pass the Howey test and therefore come under SEC purview.