Who decides how and which issues are organized and presented to the voters; and is that influence effectively centralized control?
I'm not sure what side you're trying to take on if it's an investment security or not, but since it's not possible to even have a decentralized system without PoW (PoS is a permissioned ledger), that seems like it would automatically fail for all Eth's legal defenses once they switch to proof of stake. The fact that they held an IPO for the proof of stake system just puts them further in the grave.
Maybe I should buy just 1 Eth so I can sue them for fraud.
It is obvious that a DAO can't function with decentralized control. Even the voting requires some centralized organization.
If you argue that proof-of-stake is not a decentralized protocol, you must also argue that Bitcoin's mining is not centralized, because the FinCEN guidance explicitly mentioned "computer computation" in the definition of decentralized virtual currencies.
More discussion:
https://bitcointalk.org/index.php?topic=1474403.msg14899137#msg14899137