Kaon physics has played a tremendous role in the history of flavor physics and CP violation. In the past few decades, the B meson program has taken over as the main driving force for advancements in the field. I will discuss recent theoretical developments that have inspired a novel proposal for a next generation experiment for the detection of neutral kaon decays into charged particles. The proposed experiment would enable testing the SM CKM structure in a unique and critical way, by comparing the current knowledge from B-physics with clean measurements in K-physics. Moreover, rare kaon decays are among the most sensitive probes of both heavy and light new physics. I will present our work on these topics as well as the current status of the proposal.