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SEC Commissioner Peirce Announces Support for the Creation of SEC Safe Harbor for Digital Token Sales in the United States During RockTree LEX Sponsored Forum

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SEC Commissioner Hester Peirce announced her support in the establishment of a ‘non-exclusive safe harbor’ exemption from registering as securities offerings for digital token sales in the United States. Known to the blockchain community as “Crypto Mom,” Commissioner Peirce was speaking in Singapore during a keynote address at the SUSS Convergence Forum, co-sponsored by RockTree LEX, which brought together the leaders of securities regulators in the United States and Asia, including the Singapore MAS, among others. Commissioner Peirce also announced she is seeking feedback from top blockchain lawyers and cryptocurrency industry leaders of how the SEC could define digital tokens and under what specific conditions the safe harbor would be available. RockTree LEX will be a part of those discussions with the SEC in helping develop new rules and policy.

The progressive announcement from the SEC comes off the back of a highly active month which saw open-door and closed-door meetings with the US Senate and Congress in Washington, DC about blockchain and cryptocurrency policy and rules in response to Facebook’s Libra project, and echoed the common message that the US is falling behind in the new economic race of blockchain technology and cryptocurrencies.

Commenting on SEC Commissioner Pierce’s announcement, Omer Ozden, CEO of RockTree LEX, who was one of the members at the meetings with Senate and Congress in Washington, DC last week, said, “This has been a major month for Blockchain and Cryptocurrencies, as the top leaders in major countries have woken up to what this technological race means for their economies and long term competitiveness. In our meetings with Congress, we were impressed at their level of understanding of the benefits of cryptocurrencies and blockchain, and also saw their concern that both small and major technology companies like Facebook, were now seeking legal structures offshore to continue their innovation. With our unique international perspective in law and investment which spans Greater China and North America, we delivered a personal message to Congress which called for greater action, and our specific opinions on how the US government should approach regulating blockchain and cryptocurrencies in order to allow innovation to flourish.” He also added that “Commissioner Pierce’s support in the establishment of a safe harbor framework for the sale of utility tokens will provide untold benefits and unlock US innovation, which reflects, we believe, a very recent trend of permissiveness by the SEC.”

The trend Ozden was referring to with the SEC relates to other progressive regulatory occurrences during this the past month. On July 10, 2019, Blockstack, a technology company developing a new blockchain network (the Blockstack network) for decentralized applications, received approval from the SEC for its offering of Stacks Tokens under Regulation A of the Securities Act of 1933 (the “Securities Act”). This was quickly followed by the SEC qualifying the offering of Props Tokens by YouNow, which is building a blockchain-based digital medial platform (the Props Network).

These are the first-ever Regulation A digital securities offerings to be qualified by the SEC. Previously, security token offerings in the US were being conducted either through Regulation D under the Securities Act, which generally only allowed accredited investors to participate in the offering and restricted resale of the tokens for 12 months, or Regulation S under the Securities Act, which allowed US or foreign issuers to sell tokens outside of the US but resulted in a compliance period of up to 12 months where the tokens could not be sold to U.S. persons. Through Regulation A, the Stacks Tokens and Props Tokens can be legally distributed to anyone in the US and are freely tradeable after the initial purchase.

More importantly, the Stacks Tokens and Props Tokens are both utility tokens. The Stacks Tokens are the native tokens of the Blockstack network and are to be used to transact on the network (such as creating digital assets or burning tokens for fuel). The Props Tokens serve as the currency of payment in the Props Network. Both Blockstack and YouNow have noted that they anticipate their tokens being treated as securities under the recent guidance provided by the SEC “Framework for ‘Investment Contract’ Analysis of Digital Assets” and the application of the Howey test for the foreseeable future. However, the tokens may in the future be determined to no longer constitute securities under US law as relevant legal and regulatory standards develop and their respective networks become so decentralized such that purchasers no longer reasonably expect the issuers to carry out essential managerial or entrepreneurial efforts. Such a determination would likely culminate in a no-action letter from the SEC.

Additionally, on July 25, 2019, the SEC issued a no-action letter to Pocketful of Quarters in respect of its Quarters tokens, which is a universal virtual currency for gaming. Notably, this is the first ERC-20 public blockchain token approved for sale without needing to be registered under US law. Notably, Quarters are essentially stablecoins in that they will be made continuously available at a fixed price and are sold to gamers solely for consumptive use as a means of purchasing in-game items or participating in e-sports tournaments. Quarters cannot be traded in secondary markets. In addition, funds from Quarters will not be used to build the Quarters platform as it has already been developed and was funded through investment tokens, which were issued to investors under Regulation D.

Ozden added, “We welcome Commissioner Peirce’s support of innovation, and the increased appetite by government in the United States and other jurisdictions to engage industry and progress in bringing clear regulatory oversight of digital token activity. At RockTree LEX, we believe that in blockchain, law is also technology: to be a successful blockchain project, you need to understand legal compliance and options around the globe, and to be a successful nation of innovation, you need to develop a regulatory framework that encourages innovation to unlock growth. As a global blockchain legal platform and an investor, RockTree LEX is committed to assisting government to help shape progressive regulatory frameworks so they can unlock technological and financial growth for their economy.”

 

SOURCE RockTree LEX

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/C O R R E C T I O N — Roborock/

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Roborock Reports 2023 Full Year Financial Results

Achieving Record-breaking Financial Success and Reaching Historic High in Total Assets

HONG KONG, March 28, 2024 /PRNewswire/ — Roborock, a global leader in ultra-intelligent home robotics engineered to simplify daily life, today announced its financial results for the full year ending December 31, 2023.

Roborock achieved remarkable financial success during the reporting period, posting revenue of 8.65 billion Yuan (US$1.22 billion), representing a significant 30.55% Year-On-Year increase. The company recorded a net profit of 2.05 billion Yuan (US$288 million), achieving an annual growth rate of 73.32%.

Roborock’s total assets reached an all-time high of 14.38 billion Yuan (US$2.02 billion), reflecting Year-On-Year growth of 32.71%. These achievements solidify Roborock’s position as one of the leading players in the smart vacuum industry. The company also recorded impressive overseas revenue, growing at a rate of 21.42%, while total robot vacuums shipments surpassed 2 million units.

“Ever since we founded Roborock back in 2014, our long-term mindset and unwavering commitment to focusing on delivering true value to our customers is what has gotten us to where we are today. It’s been an amazing journey, and we are truly proud to emerge as a global leader in smart vacuums.” said Richard Chang, Founder & CEO of Roborock.

“As we approach our 10-year anniversary, we are excited to introduce more of our cutting-edge vacuums, including the S8 MaxV Ultra which we unveiled at CES 2024. This flagship innovation represents our most technologically advanced one-stop cleaning solution to date, underlining our focus on enriching future lifestyles within the smart home ecosystem to enhance the quality of life for our customers worldwide.

Financial Performance Highlights

Sales and Net Profit

  • Total revenue recorded was 8.65 billion Yuan (US$1.22 billion)
  • Of this, 4.23 billion Yuan (US$595 million) is attributed to Roborock’s overseas operations, accounting for 49% of total revenue
  • Roborock’s overseas operation recorded a revenue growth of 21.42% compared to the previous year
  • The company achieved a net profit of 2.05 billion Yuan (US$288 million), with an annual growth rate of 73.32%
  • Roborock’s total assets reached a historic high of 14.38 billion Yuan (US$2.02 billion), reflecting a remarkable 32.71% Year-On-Year growth

Growth across Product Categories

  • Roborock’s total robot vacuums shipments surpassed 2 million units, generating an income of 8.09 billion Yuan income (US$1.14 billion) and achieving a Year-On-Year growth of 27.14%
  • Roborock experienced rapid growth across new product categories (product portfolios except robot vacuums), with an income of 554 million Yuan (US$78 million) income and a Year-On-Year growth of 109.4%

Research & Development

  • R&D expenditure amounted to 619 million Yuan (US$87 million), accounting for 7.15% of total revenue. This represents a year-on-year growth of 26.69%
  • During the reporting period, 522 new domestic and overseas patents were filed

Major accounting data and financial indicators in the past 3 years

(Unit: Yuan; Currency: RMB)

2023

2022

Year-On-Year
Growth (%)

Total Assets

14,376,641,614

10,833,053,890

32.71

Net assets
attributable to
shareholders of
listed companies

11,380,526,122

9,556,378,416

19.09

Revenue

8,653,783,788

6,628,716,402

30.55

Net profit
attributable to
shareholders of
listed companies

2,051,217,414

1,183,476,942

73.32

Net profit
attributable to
shareholders of
listed companies
after deducting
non-recurring
gains and losses

1,826,089,668

1,197,719,439

52.46

Net cash flow
from
operating activities

2,185,931,368

1,120,467,567

95.09

About Roborock

Roborock is committed to innovation in researching, developing, and producing home cleaning devices, particularly robotic, cordless, and wet/ dry vacuum cleaners. Every Roborock product has been designed with an eye on solving genuine problems, so Roborock customers can live better lives. Currently, Roborock is available in more than 40 countries, including the U.S., Germany, France, and Spain. The company operates out of four locations, with offices in Beijing, Shanghai, Shenzhen, and Hong Kong. For more information visit https://us.roborock.com/.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of 7.1132 Yuan to US$1.00, the spot exchange rate at the annual reporting date of December 31, 2023. The company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be at any particular rate or at all.

Photo – https://mma.prnewswire.com/media/2374470/Roborock_2023_Financial_Results.jpg

 

 

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Sleep interiors brand gets job offer from Peter Jones despite not securing investment in Dragons Den

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LONDON, March 29, 2024 /PRNewswire/ — Tonight on BBC1, REMY founder Abeer Iqbal, entered the Den, and despite intense grilling and no investment, left with a six-figure job offer from Peter Jones

Abeer’s pitch began with the Dragon’s keen to experience his sleep-enhancing furniture. When Steven and Peter laid on his hero  ‘The Pod’, a reinvention of the beanbag, and under REMY’s best-selling ‘The Lounger’ weighted blankets, the dragons closed their eyes and pretended to snore. Which was ironic, as despite being told he’d enter the Den around 5pm, Abeer actually went in at 9.30pm, after the dragons had been receiving pitches since early that day, which to Abeer’s own admission “wasn’t easy”. Deborah Meaden said, “This might have been a fatal mistake to put your dragons to sleep before we start the pitch” – recognising that it had been a long day.

After 10+ years working in tech, helping multi-million pound businesses grow their empire at software giants like Shopify, Abeer experienced burn-out, which led him to develop REMY. Despite Abeer telling the dragons that he left the high-pressure industry due to stress and anxiety Peter Jones still offered him a job back in the rat race with a six-figure sum (which he still hasn’t taken). 

After leaving the Den, Abeer admitted feeling the “most anxious ever” and that he “just wanted to get back to his wife for a hug”.  Abeer shared, “I didn’t sleep for days, replaying every moment in my mind. I wanted to forget it.” But it’s not all bad, as Abeer explains, “the anxiety I experienced from the Den gave me a lightbulb moment and led me to create our most popular product yet – The Hugger Pillow. I needed a hug, so I created one”. 

Abeer continues, “I returned the next day to collect my items from the studio. I bumped into a fresh-faced Peter and Toukar in the carpark, they both praised my experience, Peter once again offered me a job and Toukar asked me to call him when I start the next business.”

The global ‘sleep economy’ is booming, projected to reach a record high of $585 billion this year. But Abeer felt he was unable to communicate this, “If I could have my time again, I would focus on the industry of Rest and Sleep rather than the specific products we were trying to innovate. I don’t think I articulated to the Dragon’s the size of the business opportunity that there is with REMY. In terms of what’s next, we are moving towards becoming a household name in rest and sleep but offering products in multiple categories.”

The Dragon that seemed to understand Abeer’s passion for this industry was Sara Davies, saying “I actually fundamentally don’t agree with what I’ve heard here. What I see in front of me, yes he is great at the e-commerce side of things but he gave up a career in corporate because he was passionate about this area. And if there’s one thing I know about business it’s that you will succeed when you pursue the thing you are passionate about. I wouldn’t discourage you to give up. Keep doing it and good luck. I think you could sell anything”.

You can watch Abeer Iqbal on Dragons’ Den on BBC iPlayer.

remysleep.com / @WEAREREMY

Photo – https://mma.prnewswire.com/media/2374872/REMY_Sleep_1.jpg

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Bitrue Coin (BTR) Analyzes User Behavior and Announces Upcoming Developments to Enhance Utility

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SINGAPORE, March 29, 2024 /PRNewswire/ — Bitrue, a leading cryptocurrency exchange serving over 10 million users globally, announces a focus on user behavior analysis to further develop the utility of its native token, Bitrue Coin (BTR).

“Understanding how our users interact with BTR is crucial for its continued growth,” states Robert Quartly-Janeiro, Chief Strategy Officer of Bitrue. “This analysis will guide upcoming developments that enhance the value proposition of BTR within the Bitrue ecosystem.”

The announcement follows a recent surge in interest surrounding exchange tokens, and digital assets used to pay for services to unlock benefits within specific cryptocurrency exchanges. Currently, BTR offers a compelling range of benefits to Bitrue users, including:

  • Reduced Trading Fees: BTR holders enjoy lower trading fees on the Bitrue exchange, incentivizing active participation in the platform’s marketplace.
  • Governance Voting Rights: BTR grants voting rights on select new listings, allowing users to influence the direction of the Bitrue platform.
  • Staking Opportunities: BTR holders can stake their tokens to earn passive rewards, providing an additional avenue for generating income within the Bitrue ecosystem.
  • Exclusive Airdrop Potential: BTR holders may be eligible for airdrops of new tokens listed on the Bitrue exchange, offering the chance to discover promising crypto projects early.
  • VIP Investment Caps: BTR unlocks higher investment caps for certain cryptocurrencies on the Bitrue platform, catering to high-volume investors.

“BTR already plays a multifaceted role in the Bitrue experience,” Quarterly-Janeiro continues. “By strategically expanding its utility based on user behavior analysis, we aim to solidify BTR’s position within the exchange token market and elevate its value proposition for our user base.”

The specific developments based on user behavior analysis are not disclosed at this time. However, Bitrue assures its users of continued transparency and will share details in due course.

Media Contact: Lily Ho, [email protected]

View original content:https://www.prnewswire.co.uk/news-releases/bitrue-coin-btr-analyzes-user-behavior-and-announces-upcoming-developments-to-enhance-utility-302103427.html

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