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New York Judge Rules Emojis Count as Financial Advice in Dapper Labs Court Case

CoinGeek | Steve Kaaru | Mar 2, 2023

Pixabay iamaliuyar Emojis could be considered financial advice - New York Judge Rules Emojis Count as Financial Advice in Dapper Labs Court Case

Image: Pixabay/iamaliuyar

A New York judge has ruled that Dapper Labs, the creators of NBA Top Shot Moments, used the emojis to indicate a return on investment for investors.

  • Dapper Labs is facing a class-action lawsuit from investors who claim that it violated securities laws through the sale of its NBA Top Shot Moments NFT collection. The company, whose fortunes have drastically turned amid the NFT sales dip, has been fighting to dismiss the lawsuit. One of its arguments hinged on social media promotions of the Moments collection.
    • We all love to use emojis to express ourselves, but the next time you use a “to the moon” rocket ship emoji, beware, as you could be offering financial advice.

See:  Kim Kardashian Pays $1.26M to the SEC in Penalties for Unlawfully Touting Crypto

  • Ruling: As a former Securities and Exchange Commission (SEC) official revealed recently, a New York judge has ruled that the company offered investment advice using emojis on Twitter.  In his 64-page ruling, Judge Victor Marrero of the Southern District of New York subjected the Moments NFT collection to the Howey Test. Under the third prong —a security is a transaction in which there’s an expectation of profit—Judge Marrero ruled that the company’s use of emojis led investors to believe they would make a profit by purchasing the NFTs.
  • The emoji accusation has sparked the most heated debate within the digital asset industry and beyond.
  • Tweets with emojis in question:

Dapper labs case tweets with emojis in question - New York Judge Rules Emojis Count as Financial Advice in Dapper Labs Court Case

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