Decentralized social media platform Good friend.tech has renamed its token to “Keys” to higher align with its objective, in response to an Aug. 21 assertion.
Good friend.tech, a decentralized app based mostly on the Base Layer-2 community, stated the unique title, Shares, was a placeholder that wanted to be modified to mirror its objective higher.
Nevertheless, the title change is but to mirror on-chain, with its contract code nonetheless displaying “buyShares” and “sellShares.”
The decentralized social media purposes allow customers to transact keys (previously shares) linked to their most popular personalities. These keys grant customers entry to non-public in-app chatrooms and unique content material with the related particular person.
Since its Aug. 10 launch, over 100,000 individuals have been given entry to the platform, with the protocol producing greater than $1 million in charges on Aug. 21.
Neighborhood hyperlinks title change to SEC
A number of crypto group members speculate that Good friend.tech’s current actions goal to mitigate potential authorized actions from the U.S. Securities and Trade Fee (SEC).
DeFi dealer 0xSisyphus populated the speculation stating an alternate interpretation of Good friend.tech’s assertion;
“The unique title was good however our authorized staff has suggested us that perhaps it’s not a good suggestion to make use of phrases related to monetary markets.”
Lawyer and Seedstarter founder, Jesse Hynes, identified that the platform possible didn’t get authorized recommendation earlier than selecting its earlier placeholder title. Hynes stated:
“Anybody who determined “shares” was a placeholder title both didn’t get authorized recommendation or blatantly ignored authorized recommendation.”
In the meantime, a number of others argued that the title change won’t cease the SEC from coming after the platform if it chooses to take action. In response to them, the monetary regulator at the moment targets “every thing tradable with worth” underneath its heightened scrutiny of the crypto trade.
The publish Good friend tech renames token to Keys amid hypothesis of SEC scrutiny appeared first on CryptoSlate.
