Judge rules that emojis are financial advice and have legal consequences
The former SEC branch chief Lisa Braganca warned the public about the legal repercussions of using the emojis.
According to a recent court filing, emojis like the rocket ship, stock chart, and money bags represent “a financial return on investment.”
Former SEC branch chief Lisa Braganca warned users of the potential legal consequences of using emojis that could indicate future gains.
According to Braganca, federal court judge Victor Marrero denied Dapper Labs’ motion to dismiss the amended complaint alleging that its NBA Top Shot Moments violated security laws.
The filing by the judge drew attention to tweets posted on Twitter by the NBA Top Shot account that featured emojis intended to represent a financial gain. These emojis, such as a rocket ship, stock chart and money bags, were seen as indicative of a return on investment. The news was not well-received by many members of the crypto community who took to Twitter with mixed reactions. Some found it “tragic” whilst others commented about the implications for freedom of speech in relation to emojis. One user even went so far as to make their own declaration about their use if these symbols.
It was also noted by lawyers that it would be absurd for a U.S. court to consider assets on private blockchains as securities. U.S. attorney Jake Chervinsky said it would be absurd for the judge to permit the lawsuit against Dapper Labs to proceed. As a result, Chervinsky said, every major video game developer, ticketing platform, and travel rewards program could become SEC-regulated.
The SEC’s actions against Terra also caught lawyers’ attention. On Feb. 17, cryptocurrency lawyers took to Twitter to express their opinion on Terra’s accusations that it sold crypto asset securities. Under the theory, anything can be a security, according to Web3 lawyer Mike Selig, while Justin Browder described SEC actions as “wild.”