I am guessing from authorities first but it's impossible to say since one bad apple in the batch of Steem-Engine tokens could potentially burn a lot of people and get people upset.

Having said that, I haven't seen any willful scams on Steem-Engine yet but I suspect that there will be some once there are enough success stories of token issuers via Steem-Engine.

It might be towards the peak of the next bull market when asset valuations are high since I don't think Steem-Engine tokens are big enough to attract the regulators yet, but the day of reckoning is coming, not just for Steem-Engine tokens but for many cryptos.

This is just a group of ideas though, not Truth 👍