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.
