Former Branch Chief Of The SEC Warns Emojis Can Be Deemed As Financial Advice

As per a recent court filing, a judge in the United States District Court for the Southern District of New York has ruled that certain emojis, including the rocket ship, stock chart, and money bags, can signify “a financial return on investment.” In a tweet, Lisa Braganca, a former branch chief of the SEC, cautioned users about the potential legal ramifications of using emojis that could suggest prospective profits.

Braganca shared a court filing where Judge Victor Marrero of the federal court denied Dapper Labs’ motion to dismiss the amended complaint, claiming that its NBA Top Shot Moments had violated security laws. 

The judge highlighted in the filing that some tweets from the NBA Top Shot account on Twitter featured emojis that suggested financial gains. The use of the “rocket ship” emoji, “stock chart” emoji, and “money bags” emoji conveyed one meaning, i.e., a financial return on investment, although the tweets did not contain the word “profit” explicitly. 

After the warning was issued, members of the crypto community shared various reactions on Twitter. One user expressed their disappointment, describing the news as “tragic,” while another user pointed out that emojis were no longer protected under freedom of speech. Meanwhile, a user decided to clarify the intended meanings of their use of emojis.

On Feb. 23, attorneys responded to the judge’s decision to allow the lawsuit against Dapper Labs to proceed. U.S. attorney Jake Chervinsky argued that it would be unreasonable for a U.S. court to view assets on private blockchains as securities.