I don't think any of it has really been tested, but because two of the Howey test's four provisions are "with an expectation of profit" and "on the work of others" and don't seem to fit something intended to not create a profit it seems like there will be a significant difference in eventual treatment.
Whether the crypto you receive in compensation is considered a security or not will not matter from an income tax perspective in the US. If you were paid in stock, you would owe taxes on the compensation at the price of the stock at the time you received it. You might also be subject to capital gains tax if you sell the asset (stock or security-crypto) if you sell it with a cost basis calculated at the time you received it.
IOW, if you got paid say 10 ETH, priced at $1800/ETH, you would owe income tax for $18,000 that year. It does not matter if you sell the ETH or not. It does not matter if ETH is considered a security or not. You pay taxes on the value of compensation whether the compensation is in USD, stock, ETH or chickens. If you subsequently sold the ETH for $2000/ETH, you would then owe capital gains taxes on 10 * (2000 - 1800) = $2000 of capital gains. Possibly short term, possibly long term depending on when you sell it.
It should be a bit simpler because it is intended not to change in value. If you sell it for what you get it for you may not need to file a pub544. Not sure.