The Howey test has been applied to a wide range of investments, including real estate partnerships, oil and gas leases, and even virtual currencies. In recent years, the Howey test has been used to determine whether investments in cryptocurrencies, such as Bitcoin and Ethereum, are securities.

In 2018, the SEC issued a statement regarding the application of the Howey test to cryptocurrencies and initial coin offerings (ICOs). The SEC stated that, depending on the facts and circumstances, cryptocurrencies and ICOs may be considered securities and subject to SEC regulation.

Since then, the SEC has taken enforcement actions against a number of companies and individuals involved in the cryptocurrency industry, alleging that their offerings of cryptocurrencies or tokens were unregistered securities offerings. One high-profile example is the SEC's ongoing lawsuit against Ripple Labs, alleging that the sale of XRP, the cryptocurrency used by Ripple, was an unregistered securities offering.

The application of the Howey test to cryptocurrencies and ICOs has been the subject of much debate and controversy. Some argue that cryptocurrencies and tokens are not securities because they are decentralized and do not rely on the efforts of a third party to generate a profit. Others argue that cryptocurrencies and tokens are securities because they meet the four elements of the Howey test.