Is the Cosmos Hub a Security or an App?

i think people have floated like a theory that one of the reasons dy dx wanted to move to an app chain is that it also can help rectify regulatory risks if you're charging fees on trade execution and then you're passing that off to token holders as like sort of a quasi dividend there's a fairly clear case that resembles a security. The governance of these chains has so much almost unbounded power and authority what sort of governance risks and exploit risks are there? i think that's maybe what i think will be very interesting in the years to come  as some of these cosmos chains have more outside assets have various value locked on them that that's external to the chain.