Sort of - but it's more about intent/expectation than "thing" vs "transaction." A security _is_ a thing. The Howey test is how we determine whether an orange grove is a security or a deed. The problem with Howey is that it doesn't address situations where investors aren't investing exclusively for "profit" but might be investing for some other benefit to be derived from the use or enjoyment of the underlying asset. So someone might purchase $500 of Kin with the expectation that they'll sell if it reaches $X and regardless they'll spend at least some of it on mini games.

They expect to consume at least some of the coins... but they also anticipate potential profit from some of the coins.

So are the coins "securities?" Are only some of them? (Presumably, $500 - whatever the buyer intended to consume.)

You can see that Howey's focus on investor expectation isn't particularly helpful in where that line is drawn.