SEC Unveils 'Regulation Crypto'... Impact on the Korean Market | Representatives Seo Dong-ju, Kim Dong-hwan, Kim Jong-seung

Summary

The Crypto PLUS panel reviews the SEC's newly unveiled Regulation Crypto framework. Kim Jong-seung explains that the rules are not simple ICO approval, but create registration exemption tracks for non-security token sales with limits, disclosure duties, and state law preemption elements. He argues the framework should revive U.S. token issuance and benefit exchanges, custodians, and chain platforms such as Coinbase and Robinhood, while Korea faces pressure to craft competitive digital asset rules.

• SEC Regulation Crypto establishes registration exemption tracks for non-security token sales, not blanket ICO approval.
• Startup and fundraising tracks set ceilings of $5 million, $20 million, and $75 million.
• Rule 400 governs investment contract termination; Rule 500 can ease state-by-state distribution burdens.
• Airdrop rewards tied to contributions may count toward fundraising limits.
• U.S. token project formation could accelerate and attract global crypto founders.
• Exchanges, custodians, and chains are seen as beneficiaries, with Coinbase and Robinhood named.
• Korea's digital asset basic law has no comparable detailed framework yet, leaving its policy direction unresolved.