What separates Utility token and securities?

[highperspective]

What is the exact difference between a utility token and a token that by the SEC gets classifies as a security? And what are the implications of being classified as a security?

[traderperspective]

As far as I understand, a utility token is a token that FAILS the howey test. If you do go trough the howey test, ones token is classified as a security.
Exactly what implications it has I am not sure about.