Friend tech renames token to Keys amid speculation of SEC scrutiny

Decentralized societal media level Friend.tech has renamed its token to “Keys” to amended align with its purpose, according to an Aug. 21 statement.

Friend.tech, a decentralized app based connected the Base Layer-2 network, said the archetypal name, Shares, was a placeholder that needed to beryllium changed to bespeak its intent better.

However, the sanction alteration is yet to bespeak on-chain, with its contract code inactive showing “buyShares” and “sellShares.”

Source: BaseScan

The decentralized societal media applications alteration users to transact keys (formerly shares) linked to their preferred personalities. These keys assistance users entree to backstage in-app chatrooms and exclusive contented with the associated individual.

Since its Aug. 10 launch, implicit 100,000 radical person been fixed entree to the platform, with the protocol generating much than $1 cardinal successful fees connected Aug. 21.

Community links sanction alteration to SEC

Several crypto assemblage members speculate that Friend.tech’s caller actions purpose to mitigate imaginable ineligible actions from the U.S. Securities and Exchange Commission (SEC).

DeFi trader 0xSisyphus populated the mentation stating an alternate mentation of Friend.tech’s statement; 

“The archetypal sanction was bully but our ineligible squad has advised america that possibly it’s not a bully thought to usage words associated with fiscal markets.”

Lawyer and Seedstarter founder, Jesse Hynes, pointed retired that the level apt did not get ineligible proposal earlier choosing its erstwhile placeholder name. Hynes said:

“Anyone who decided “shares” was a placeholder sanction either didn’t get ineligible proposal oregon blatantly ignored ineligible advice.”

Meanwhile, respective others argued that the sanction alteration mightiness not halt the SEC from coming aft the level if it chooses to bash so. According to them, the fiscal regulator presently targets “everything tradable with value” nether its heightened scrutiny of the crypto industry.

The station Friend tech renames token to Keys amid speculation of SEC scrutiny appeared archetypal connected CryptoSlate.