You should’ve asked that in the first place.
According to the US supreme court a security is an investment contract - "Under the Howey test, an investment contract is “a contract, transaction or scheme whereby a person invests his money in a common enterprise and is led to expect profits solely from the efforts of the promoter or a third party.”
There was no contract and no promise of profits and in the earliest cases no money was paid in return for XEM.
Furthermore - An investment is not considered a security if its profits are based on the actions of the investor. That was one of the intentions originally and stakes were also given out for free to people willing to put in some work.