Emoji legal advice ruling overview:
- Who: A federal judge in New York has ruled the rocket ship, moneybag and stock chart emoji counts as legal financial advice and that using them can potentially lead to legal troubles.
- Why: The judge has determined that the emojis “objectively mean … a financial return on investment.”
- Where: The decision was part of a complaint filed in New York federal court.
A federal district court judge in New York has ruled the rocket ship, moneybag and stock chart emoji constitute legal financial advice and that their use could potentially lead to legal consequences.
Lisa Braganca, the former branch chief for the U.S. Securities and Exchange Commission (SEC), warned consumers via a Twitter post last month that a judge had ruled the emojis’ “objectively mean ‘one thing: a financial return on investment’.”
The judge, while denying a motion to dismiss claims Dapper Labs’ NBA Top Shot Moments violated security laws, determined that the moneybag, stock chart and rocket ship emoji are used to indicate future financial gains, Cointelegraph reports.
The Twitter account for Top Shot Moments reportedly used the stock market, moneybag and rocket ship emoji in some tweets to allegedly indicate financial returns, according to the judge, who ruled the emojis objectively meant a financial return on investment.
Members of the cryptocurrency community reacted to news of the judge’s decision with concern, with one Twitter user calling the decision “tragic,” while another worried emojis would no longer be protected by freedom of speech, Cointelegraph reports.
Dapper Labs argues tweets under fire were only meant to provide ‘accurate facts regarding recent sales’
Dapper Labs has reportedly argued the promotional tweets in question were simply meant to “provide accurate facts regarding recent sales, and do not reference any gains or losses,” MUO reports.
Lawyers also reacted to the judge’s decision last month, with one U.S. attorney, Jake Chervinsky, calling it “absurd” for a court to count assets kept on private blockchains as securities, Cointelegraph reports.
If that were the case, Chervinsky reportedly argued, it would mean that all ticketing platforms, major video game developers and travel rewards programs could turn into an SEC-regulated company.
Last April, the SEC filed a lawsuit against former Morgan Stanley financial advisor Shawn E. Good over claims he defrauded beginner investors out of at least $4.8 million during an alleged multiyear Ponzi scheme.
Do you agree the rocket ship, stock chart and money bag emoji count as financial advice? Let us know in the comments.
Don’t Miss Out!
Check out our list of Class Action Lawsuits and Class Action Settlements you may qualify to join!
Read About More Class Action Lawsuits & Class Action Settlements:
- Morgan Stanley Advisor Sued by SEC Over Alleged Ponzi Scheme
- Taylor Swift fans file class action against Ticketmaster, Live Nation over exorbitant fees
- Caesars Sportsbook ‘risk-free’ bets not without risk, class action alleges
- Caesars plaintiff fires back at casino’s motion to dismiss change class action
