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Friend.tech Renames "Shares" to “Keys” Amid Regulatory Concerns

The move comes in response to concerns about potential securities regulations from the SEC, aiming to avoid scrutiny.

Summary

  • Decentralized social media platform Friend.tech has renamed its core asset from "Shares" to "Keys".
  • The move comes in response to the platform's intention to avoid scrutiny from the SEC over potential securities regulations.
  • The new moniker aims to align more closely with the tokens' purpose - as tools for unlocking private chatrooms.

In a recent move, decentralized social media platform Friend.tech, on Monday, changed the name of its core asset from "Shares" to "Keys." The platform's rapid ascent in popularity, attracting celebrities and users alike, has sparked debates about its legitimacy, with some labeling it a potential Ponzi scheme.

“We've renamed Shares to 𝗞𝗲𝘆𝘀. The original name was a placeholder during development and we think Keys better illustrates their purpose as in-app items used to unlock your friends' chatrooms”, said Friend.tech on X (formerly Twitter). 

The decision to rename “Shares” to “Keys” comes in response to the platform's intention to avoid scrutiny from the SEC over potential securities regulations. While the new moniker aims to align more closely with the tokens' purpose - as tools for unlocking private chatrooms - it remains uncertain whether this move will entirely shield Friend.tech from securities regulations

The move comes shortly after Friend.tech's launch on Coinbase’s Ethereum scaling network Base. On the platform, users can buy and sell “shares” —now “keys” tied to their favorite Twitter accounts, providing them access to private in-app chatrooms with the user.

Each transaction within Friend.tech incurs two 5% fees, with one contributing to the platform's treasury while the other goes to the account holder whose shares are being traded. Investors can also capitalize on potentially increasing "key" values tied to specific accounts. 

The rebranding signifies the platform's proactive measures to adapt to evolving regulatory pressures and maintain its standing within the dynamic crypto landscape.

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