Emoji Use in Crypto Trading Ruled Unlawful by U.S. Federal Judge
• U.S. Federal Judge declared that NBA Top Shot NFTs are securities
• Former SEC branch chief Lisa Braganca advises Crypto Twitter to stop using emojis when referring to NFTs or crypto
• Judge Victor Marrero used screenshotted rocket emoji as evidence in the ruling
U.S. Federal Judge Declares NBA Top Shot NFTs Are Securities
Yesterday, U.S. Federal Judge Victor Marrero declared that NBA Top Shot Non-Fungible Token (NFT) digital collectibles are securities, according to the United States Securities and Exchange Commission (SEC).
Former SEC Branch Chief Warns Crypto Twitter Not To Use Emojis
In response to this ruling, former SEC branch head Lisa Braganca took to Twitter to advise crypto enthusiasts not to use the rocket emoji, money bags, and stock chart emojis when referring to NFTs or crypto investments. This was based on Marrero’s decision which denied Dapper Labs‘ motion to terminate the case. The lawsuit was filed two years ago by Jeeun Friel, a dissatisfied buyer of one of the NBA Top Shot Moments.
Crypto Twitter Reacts With Shock
Naturally, Crypto Twitter reacted with shock at Marrero’s conclusion which stated that „the ‚rocket ship‘ emoji, ’stock chart‘ emoji, and ‚money bags‘ emoji objectively mean one thing: a financial return on investment.“ Many traders called it a „tragedy,“ indicating that from now on freedom of speech does not extend to emojis. Digital artist AshChild explained how he personally interprets such a sequence of emojis – by a rocket he meant missile while stocks and money bag depict hitting an otherwise sound crypto portfolio followed by putting money in a trash bag instead of making a profit.
Court Views Emojis as Financial Advice
The audacious ruling demonstrates how courts may interpret emojis as financial advice or encouragement for potential investors looking for quick returns on their investments – something prohibited according to federal law legislations in the US unless registered with the SEC as security offerings or cryptocurrencies.
This ruling serves as an important reminder for all crypto enthusiasts who are active on social media platforms like Twitter and Reddit – think twice before posting any message involving even remotely connected with investments symbols such as rockets and money bags! Be aware that you could be held liable if your post is viewed as providing financial advice or encouraging people into investing without proper registration with official bodies like SEC!