We have treated Hedera’s SAFTs as investment contracts. People who purchased hbars through the SAFT did so before there was a live network, before hbars existed, and when they had to rely on the efforts of the Hedera team to deliver a functioning network to the market in order for those hbars to have use or value. Hedera expressly stated that the SAFT was a security and conducted its SAFT financing in accordance with SEC regulations.
For the question as to whether regulators will deem hbars to be securities, please read: Will regulators deem hbars to be securities?