June 22 (Cointime) - The "Howey Test" could affect the bullish trend in cryptocurrencies, as the definition of what constitutes a security is becoming increasingly important in regulatory scrutiny. The Howey Test uses four prongs to determine if an asset is a security, and if it meets all four, it must register with the SEC. Bitcoin and ether appear to fall outside of this test, which could give newer investors confidence and shift the SEC's focus. Deutsche Bank has applied for regulatory permission to operate as a crypto custodian in Germany, while BlackRock has filed for a spot bitcoin ETF.