{"id":45759,"date":"2023-02-24T06:52:34","date_gmt":"2023-02-24T10:52:34","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=45759"},"modified":"2023-02-24T06:52:36","modified_gmt":"2023-02-24T10:52:36","slug":"judge-rules-emojis-as-financial-advice-with-legal-consequences","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/judge-rules-emojis-as-financial-advice-with-legal-consequences\/","title":{"rendered":"Judge rules Emojis as financial advice with legal consequences"},"content":{"rendered":"\n

In a recent court filing, the US District Court<\/a> Judge for the Southern District of New York has ruled that emojis such as the rocket ship, stock chart, and money bags signify a financial return on investment, and such attract legal actions.<\/p>\n\n\n\n

\"Judge
Judge rules Emojis as financial advice with legal consequences<\/figcaption><\/figure>\n\n\n\n

In a tweet, former United States Securities and Exchange Commission (SEC) division head Lisa Braganca cautioned users about the possible legal ramifications of using emojis that may suggest future profits\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>. She posted on Twitter:<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/LisaBraganca\/status\/1628868429540126720\n<\/div><\/figure>\n\n\n\n

Braganca provided a link to a court document in which federal judge Victor Marrero refused Dapper Labs' petition to dismiss the revised case stating that its NBA Top Shot Moments breached security laws.<\/p>\n\n\n\n

\"\"
Tweets made by NBA Top Shot cited by the judge. Source: Court filing<\/figcaption><\/figure>\n\n\n\n

In brief, the court noted that several tweets from the NBA Top Shot<\/a> Twitter account include emoticons implying financial rewards.<\/p>\n\n\n\n

“Even though the term ‘profit' does not appear in any of the tweets, the ‘rocket ship' emoji,' stock chart' emoji, and money bags' emoji all objectively represent the same thing: a financial return on investment,” they said.<\/p>\n\n\n\n

The top legal officer of the NFT platform Enjin, Oscar Franklin Tan, also remarked on the subject. Tan said that the Dapper Labs ruling should not establish a “dangerous norm” that emojis are security for NFTs.” Tan clarified that:<\/p>\n\n\n\n

\n

\u201cCourts should protect the edgy, freewheeling messaging in NFT communities because shitposts and emojis are part of free speech too.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

Tan claims that sneaker resellers might utilize the same “FOMO” or “fear of missing out” pitch and the emojis used in the case.<\/p>\n\n\n\n

Members of the crypto community<\/a> responded to the warning with various tweets. One Twitter user called the news “tragic,” while another noted that the First Amendment no longer protects emojis. Meanwhile, a user chose to declare the significance of their emoji use.<\/p>\n\n\n\n

\"\"
A community member makes a declaration on their emoji usage. Source: Twitter<\/figcaption><\/figure>\n\n\n\n

On February 23, attorneys responded to the judge's decision to proceed with the case against Dapper Labs. Attorney for the United States Jacob Chervinsky said it would be “absurd” for a U.S. court to consider private blockchain assets securities.<\/p>\n\n\n\n

Chervinsky noted that this may result in the SEC regulating every major video game producer, ticketing site, and travel rewards program.<\/p>\n\n\n\n

Similarly, the manner in which the SEC pursued Terra caught the attention of attorneys. On February 17, crypto attorneys took to Twitter to discuss the SEC's allegations that Terra offered a suite of crypto asset instruments.<\/p>\n\n\n\n

Mike Selig, an attorney for Web3, argued that everything is a security under the notion, while Justin Browder, an attorney for Browder, called the SEC's actions “crazy.”<\/p>\n","protected":false},"excerpt":{"rendered":"

In a recent court filing, the US District Court Judge for the Southern District of New York has ruled that emojis such as the rocket ship, stock chart, and money bags signify a financial return on investment, and such attract legal actions. In a tweet, former United States Securities and Exchange Commission (SEC) division head […]<\/p>\n","protected":false},"author":12,"featured_media":45764,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[13466,13468,135,13465,13467],"class_list":["post-45759","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-charts","tag-court-ruling","tag-crypto-trading","tag-emoji","tag-financial-advice"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/02\/image-65.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/45759","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=45759"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/45759\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/45764"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=45759"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=45759"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=45759"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}