The AACS-LA presumably would argue that the key is a "component" or "part" of a "technology" that circumvents AACS. Moreover, AACS-LA would likely argue that the key was "primarily ... produced" to circumvent AACS, that is has no other commercially significant purpose, and that it is being "marketed" for use in a circumvention technology. The takedown letters seem to take the position that both the poster and the hosting provider are engaged in "trafficking."
The AACS-LA will also doubtless point to the DMCA cases brought against 2600 magazine for posting the DeCSS code back in 2000 (EFF was counsel to the defendant). In that case, both the district court and court of appeals concluded that posting DeCSS to a website violated the DMCA.
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