Decentralized social media platform Buddy.tech has renamed its token to “Keys” to higher align with its function, in response to an Aug. 21 assertion.
Buddy.tech, a decentralized app primarily based on the Base Layer-2 community, stated the unique title, Shares, was a placeholder that wanted to be modified to mirror its function higher.
Nonetheless, the title change is but to mirror on-chain, with its contract code nonetheless exhibiting “buyShares” and “sellShares.”
The decentralized social media functions allow customers to transact keys (previously shares) linked to their most well-liked personalities. These keys grant customers entry to personal in-app chatrooms and unique content material with the related particular person.
Since its Aug. 10 launch, over 100,000 folks have been given entry to the platform, with the protocol producing greater than $1 million in charges on Aug. 21.
Group hyperlinks title change to SEC
A number of crypto neighborhood members speculate that Buddy.tech’s current actions goal to mitigate potential authorized actions from the U.S. Securities and Alternate Fee (SEC).
DeFi dealer 0xSisyphus populated the speculation stating an alternate interpretation of Buddy.tech’s assertion;
“The unique title was good however our authorized workforce has suggested us that possibly 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 probably 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 present targets “all the things tradable with worth” beneath its heightened scrutiny of the crypto trade.
The submit Buddy tech renames token to Keys amid hypothesis of SEC scrutiny appeared first on CryptoSlate.
