Friend.tech Changes Name of Core Asset from "Shares" to "Keys" Amid SEC Concerns

2023/08/22 01:40

Friend.tech, a social token platform, has changed the name of its core asset from "Shares" to "Keys" to better illustrate their purpose as in-app items used to unlock friends' chatrooms. The original name was a placeholder during development, but the change may also be an attempt to avoid scrutiny from the U.S. Securities and Exchange Commission (SEC). The SEC has labeled many digital assets as securities, and calling their asset "Shares" could have put Friend.tech in its crosshairs. While the tokens on Friend.tech may not be considered securities, how users pitch their tokens could potentially make them securities.
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