While one can officially register a biz (or “financial instrument”) as a security [ref: https://www.investor.gov/introduction-investing/investing-basics/glossary/registration-under-securities-act-1933 ]; it has more to do with “looking like a security” (functioning as one) per security | Wex | US Law | LII / Legal Information Institute
As NickDoc explained in this comment Registered non-security - #5 by NickDoc , Guard is deemed “sufficiently decentralized” by multiple third parties and therefore should not encounter issues with regulators.
A key part of this was the restructuring and highlighted emphasis on Guard’s utility within the Foundation’s DAO element vs. the token itself being the means to financial gain (aka an investment)