Here is my reasoning at why you might be classed as a financial intermediary:
Ripple was fined because they were directly selling XRP, which they acknowledge is their only revenue source. XRP is clearly a financial product so the SEC made the argument they were an unlicensed financial intermediary.
Cryptonomex revenue stream is also largely made by selling BTS, which the community have voted all the delegate staff of Cryptonomex be able to do.
Whether the financial tokens are generated in one go and sold as with XRP, or the financial tokens are generated over time through some vote process as with BTS, I think the SEC wouldnt be interested in the semantics/technicals and see the 2 processes as equivalent.
Btw I dont neccessarily agree with this - just brainstorming but the parallels with XRP are there.