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
Coming soon
This is De:Finance, a brand new site by Jason Lee that's just getting started. Things will be
