FRIEND.TECH RENAMES ITS TOKEN—BUT IS IT EVEN LEGAL?

Summary from the TLDR Crypto newsletter

Friend.tech has captured the attention of the crypto world and mainstream influencers alike, generating over $3 million in fees over the past week. However, the app, still in beta, originally used the term “shares” to refer to the token you bought to gain access to user chat rooms. The term is almost always used to refer to ownership in companies, so it could potentially mislead users and easily raise red flags for regulators, something many people called attention to. In light of this, the app, still gaining steam, has recoined the term for access to user chat rooms as “keys”.