According to AMBCrypto, the US SEC uses the Howey Test as a means of determining whether cryptocurrency offerings are considered securities. SFOX's recent blog explains the importance of Howe Testing and the SEC's approach to regulating ICOs without affecting the development of the project in the ecosystem. This article cites examples of assets to explain the regulatory review surrounding the project. In mid-2019, Cipher Technologies Bitcoin Fund applied to the SEC for registration as a closed-end range fund and investment company. The company claims that Bitcoin is a security in the application documents, but the SEC ruled on October 1, 2019, "This ruling sets a precedent that will affect future rulings on other cryptocurrency projects. Because Bitcoin is going Centralized, does not rely on the efforts of a structured hierarchy, so it does not constitute securities. In addition, the SEC conducted a Howe test on Ethereum and found that "the third-party profit category is not applicable, and Ethereum does not represent ordinary enterprises. Therefore its network and tokens are not in the securities category. "The article states that the Howe Test is a very useful tool for the SEC. Since then, the SEC has taken action on several projects that sell securities to investors. The article concludes, "Perhaps the SEC's involvement in cryptocurrency financing (regulation) will ultimately bring more valuable innovation and a more secure environment for investors supporting the industry."