The "investment contract" interpretation has been used to prosecute all manner of "investment schemes."
The test is:
1. investment of money due to
2. an expectation of profits arising from
3. a common enterprise
4. which depends solely on the efforts of a promoter or third party
I don't really see how supernet could fail to satisfy that test.
To my untrained eye, there are a few more "coins" on poloniex that satisfy the same test.
You may be right.
Putting a security on a blockchain does not turn it into something other than a security. It might ultimately make the law more difficult to enforce, but it won't be particularly hard to enforce it against Poloniex. I don't know that leads to bankruptcy though, it could easily just mean a tolerable fine plus delisting or maybe just delisting, no further listings of that form, and not even a fine. We are of course guessing here.