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Decentralized social media platform Pal.tech has renamed its token to “Keys” to higher align with its objective, based on an Aug. 21 assertion.
Pal.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.
Nonetheless, the title change is but to mirror on-chain, with its contract code nonetheless exhibiting “buyShares” and “sellShares.”
The decentralized social media purposes allow customers to transact keys (previously shares) linked to their most well-liked 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 folks 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 neighborhood members speculate that Pal.tech’s current actions goal to mitigate potential authorized actions from the U.S. Securities and Trade Fee (SEC).
DeFi dealer 0xSisyphus populated the idea stating an alternate interpretation of Pal.tech’s assertion;
“The unique title was good however our authorized group 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 doubtless 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. Based on them, the monetary regulator at the moment targets “all the pieces tradable with worth” beneath its heightened scrutiny of the crypto trade.
The submit Pal tech renames token to Keys amid hypothesis of SEC scrutiny appeared first on CryptoSlate.
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