The Howey test is a legal standard used to determine whether an investment is a security and subject to SEC regulation. The test consists of four elements: an investment of money, an expectation of profits, a common enterprise, and profits generated from the efforts of a third party. 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 application of the Howey test to cryptocurrencies and ICOs has been the subject of much debate and controversy. While the SEC has taken enforcement actions against companies and individuals involved in the cryptocurrency industry, the application of the Howey test to these investments remains a complex and evolving area of law. As the cryptocurrency industry continues to grow and evolve, it is likely that the application of the Howey test will continue to be a key issue for regulators and investors alike.