SEC Warns Crypto Traders: Emojis are Now Financial Advice
• Yesterday, a U.S. Federal Judge ruled that NBA Top Shot NFTs are securities.
• Former SEC branch chief Lisa Braganca warns Crypto Twitter not to use emojis like rocket ships and money bags when referring to NFTs or crypto.
• Judge Victor Marrero used screenshotted rocket emoji as evidence in the lawsuit filed two years ago by Jeeun Friel against Dapper Labs and its founder Roham Gharegozlou.
SEC Warns Crypto Twitter: No Emojis Allowed
Yesterday, U.S. Federal Judge declared that NBA Top Shot NFTs are securities, prompting a warning from former SEC branch chief Lisa Braganca for crypto enthusiasts not to use emojis when discussing NFTs or crypto on social media platforms.
Judge Victor Marrero Uses Rocket Emoji as Evidence
Judge Victor Marrero denied Dapper Labs‘ motion to terminate the case brought by Jeeun Friel, a disgruntled buyer of one of the NBA Top Shot Moments, using a screenshotted rocket emoji as evidence in the case against Dapper Labs and its founder Roham Gharegozlou.
Crypto Twitter Reacts with Shock and Confusion
Crypto Twitter was abuzz with shock upon hearing this news with many users commenting about how freedom of speech does not extend to their emojis anymore. Digital artist AshChild offered an alternative interpretation of the sequence of rocket, stock, and money bag emojis he uses which tells a different story than what Judge Marrero concluded from it: that it is indicative of expecting financial returns on investments from crypto trading activities.
What Does This Mean for Crypto Investors?
This outrageous ruling shows how loose interpretations can be made of seemingly innocuous symbols like emojis which could potentially have serious implications for those involved in crypto investing activity. As such, anyone engaging in conversations related to cryptocurrencies should exercise caution when using emojis so as not to run afoul of any regulatory authorities or even courts of law who might interpret them differently than intended by the user posting them online.
In light of this recent ruling setting a precedent for interpreting emojis as potential financial advice, it is prudent for all crypto investors to be mindful and responsible when using these visual symbols while discussing matters related to cryptocurrency investments online so as not to inadvertently incur any legal repercussions due to their use.