What is the howey test?

The Howey Test, could you elaborate on its significance and application in the realm of cryptocurrency and finance? This test, often cited in legal proceedings involving securities, aims to determine whether a transaction or investment vehicle qualifies as a security under U.S. law. Given the rapidly evolving nature of cryptocurrencies and their potential for investment, understanding how the Howey Test may be applied in this context is crucial for both investors and regulators. Could you provide a concise yet comprehensive overview of the test's key principles and potential implications for digital assets?