Security is an investment product that can be traded, bought, or sold, such as stocks, bonds, and options. 

Securities are typically regulated by government authorities to protect investors from fraud and ensure transparency in the markets.

In the United States, the Securities and Exchange Commission (SEC) is the primary regulatory body responsible for overseeing securities. 

The classification of cryptocurrencies as securities is a complex and ongoing issue.  

The Howey Test, established by the Supreme Court in 1946, is often used to determine whether an investment constitutes security. 

The test considers whether the investment entails a financial commitment, participation in a group endeavor, and anticipation of rewards for others’ labor.  

Applying the Howey Test to cryptocurrencies is not straightforward, as each cryptocurrency is unique and has different characteristics.