• The U.S. court recently ruled that using emojis relating to rocket ships, stock charts, and money bags could be classified as investment advice.
• Former SEC branch chief Lisa Braganca warned the public against using certain emojis in promotional materials following the ruling.
• Dapper Labs was accused of promoting NBA Top Shot Moments as investment opportunities through its marketing materials with carefully selected emojis.

Court Ruling

The U.S. court recently ruled that using emojis relating to rocket ships, stock charts, and money bags could be classified as investment advice. This ruling was contained in a lawsuit filed against Dapper Labs and its CEO Roham Gharegozlou for allegedly violating securities laws by offering its NBA Top Shot Moments.

Warning from Former SEC Chief

Following this ruling, former SEC branch chief Lisa Braganca warned the public against using certain emojis in promotional materials via Twitter.

Accusation Against DapperLabs

The plaintiffs accused Dapper Labs of promoting NBA Shot Moments as investment opportunities, through its marketing materials with carefully selected emojis. The court filing referenced a tweet in which DapperLabs used the rocket ship, stock market, and money bags emoji to show market performance.

DapperLabs Argument

Dapper Labs has argued that the use of the emojis in the tweets was intended to provide accuracy to market data and not a means of promoting sales. However, several members of the crypto community have argued that Emojis could mean different things to different folks, hence, a rule on its usage could impede the freedom of speech.

Conclusion

It is important for investors to be aware of potential legal implications surrounding their usage of certain emoji symbols when it comes to investments or investment related activities such as marketing materials or promotional content online.

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