How Korea's 2027 Token Securities Plan Fits Together
Korea's token securities law takes effect on February 4, 2027. The government's September plan shows how it will run. Read in four parts, the design becomes clear.
After the Rulebook — What the SEC Proposed in Regulation Crypto Assets
The SEC has proposed a rulebook for raising money with tokens, and a way for a token to stop being treated as a security. Here is what it says, in plain terms, before comments close on October 20.
When Lifecycle Meets 투자계약증권 — How the SEC's New Framework Lands in Korea
Korea's §4⑥ is a translated Howey. That's why the SEC's Release 33-11412 lands in Korean enforcement — even without a single legislative amendment.
Securities Regulation Is Political — Always Has Been, Always Will Be
Release 33-11412 brought long-awaited clarity. But it is not a permanent settlement — it is one phase in a 90-year political pendulum that began with Pecora.
The Great Pivot — How Eight Months Rewrote the Rules (2025–2026)
From a three-day policy blitz to the first Commission-level crypto framework — how enforcement-first became framework-first in just fourteen months.
The Warning Years — When the SEC Had No Rulebook for Crypto (2017–2024)
From the DAO Report to the Coinbase Catch-22 — how nine years of enforcement without rules accidentally built every intellectual ingredient for Release 33-11412.
Inside the Release — Five Categories, Separation, and the Technical Rulings
The five categories, the separation doctrine that lets tokens stop being securities, and every technical ruling — mining, staking, wrapping, airdrops — in one place.
Before the Rulebook — The Howey Test and Why 'Efforts of Others' Is the Only Question That Matters
Before the five-category framework makes sense, you need the test it is built on — and the single prong that does all the heavy lifting.
How SEC Release 33-11412 Lands in Korea
A 15-month arc, a new five-category framework, and what it means for anyone planning to build in, invest in, or launch a token into the Korean market.
Welcome to De:Finance: The Gateway to Korea's Crypto & STO Market
Welcome to De:Finance: The Gateway to Korea's Crypto & STO Market
The South Korean digital asset market
