It does but you have to register it for it to matter. If you are just flying recreationally you don't need to register it in the USA. For 107 flying, yes, you should register it and pay the $5.
I have two of them. One for 107 and one for fun. Basically if you're not doing anything stupid, like flying in a stadium full of people or using it to peep, I wouldn't give it a second thought.