The Howey Test is organized by the US government to determine whether an asset can be classified as a security. If the Howey test determines a financial instrument or asset as a security, then it must comply with a certain set of rules and regulations.
Every security needs to be registered with the Securities and Exchange Commission (SEC). SEC is considered one of the most prominent US financial regulatory agencies. Even in the crypto industry, the Howey test is being more extensively used than ever before. Once an asset passes the Howey Test, it needs to be registered like all other securities with the Securities and Exchange Commission.