Our Voices

Tezos in Turmoil as Project Faces In-Fighting, Token Distribution Delays

Tezos launched its ICO in July, 2017, and after raising $232mln, it became one of the most successful ICOs of the year, second only to Filecoin. At press time, it’s up 780% from its ICO price going for $4.16. Problem is, ICO participants can’t access their tokens. Sure, they’ve nearly recorded a ten-bagger from their original investment, but XTZ’s current price is based on pre-launch futures–not actual token trades.

Managing Partner of CKR Law LLP Jeffrey Rinde Accepted into Lawyers of Distinction

CKR Law LLP is pleased to announce that Managing Partner Jeffrey Rinde, has been accepted as a member of the prestigious Lawyers of Distinction. Mr. Rinde was recognized for his excellence in International Law.

5 Years Later, Is It Time to Rethink the JOBS Act?

Signed into law in 2012, the JOBS Act (a misnomer from the beginning!) was intended to prop up the languishing IPO market. It created a class of companies (emerging growth companies) and offered them some relief from the Sarbanes-Oxley Act (SOX), including a 5-year delay to comply with Section 404(b) of SOX unless certain other conditions are met.

SEC Chairman Issues Statement on Cryptocurrencies and SEC Halts Munchee Token Sale

On Monday, the U.S. Securities and Exchange Commission (“SEC”) Chairman Jay Clayton issued a statement on cryptocurrencies and initial coin offerings (“ICOs”) or token sales concurrently with disclosure of an enforcement action against Munchee Inc., halting Munchee’s sale of tokens following the SEC’s finding that its sale of tokens constituted the unregistered offer and sale of securities. This CKR Client Alert will provide a brief overview of Chairman Clayton’s statement followed by a review of the Munchee action.

An Update on Cybersecurity Law Enforcement in China

Last week the Chinese government announced that it has imposed “maximum fines” on technology giants Baidu, Tencent and Sina Weibo for failing to adequately censor banned content on their websites.[1] The fines were issued pursuant to China’s recently implemented Cybersecurity Law.[2]

SEC Assembles Cyber Unit to Target Cyber-Related Misconduct

The Securities and Exchange Commission announced last month that its Enforcement Division has formed a Cyber Unit to tackle cyber-based threats and protect investors.[1] According to the SEC’s press release, the Cyber Unit will focus on cyber-related misconduct including

China Introduces Its First Investment Dispute Arbitration Rules as ICSID Alternative

On September 19, by press release from the China Council for the Promotion of International Trade (“CCPIT”)1, China’s first investment dispute arbitration rules (the “Rules”) were announced. The Rules are set to come into effect on October 1, 2017. According to CCPIT, in light of China’s increased presence in international investment, and concerns over the lack of comprehensive investment legal systems in those countries covered by the Belt and Road Initiative, China invested much effort involving multiple agencies to research on and draft the Rules providing for an investment dispute resolution mechanism for the region. CKR has obtained a copy of the new Rules. Based on our review, we have identified the unique features.

China Halts Token Offerings but Signals Support for Blockchain Technology

On September 4, the People’s Bank of China (“PBoC”), along with six other Chinese government administrations, including the Securities Regulatory Commission and the Banking Regulatory Commission issued a notice (the “Notice”)1, in which a token offering (also known as an initial coin offering, or “ICO”) is identified as an “illegal public fundraising activity.”

New Balance Wins $1.5 Million in Landmark China Trademark Case

The Suzhou Intermediate People’s Court awarded the Boston, Massachusetts-headquartered firm $1.5 million (RMB 10 million) after three local Chinese shoe manufacturers were found to have infringed its signature trademarked slanting ‘N’ logo.

China State Council Issues Guidelines on Overseas Investment

The Office of the State Council of the People’s Republic of China recently issued an opinion, or guidelines, that could substantially change economic investment priorities coming out of China. This is the first time the PRC government has weighed in on permitted outbound investment (aside from simply restricting the pace at which money can flow out of China).