OWNR Wallet blog background

Emojis are Considered to be Financial Advice and have Legal Consequences

Some emoticons, such as a rocket ship, a stock chart, and moneybags, can be construed as symbols of financial returns on investment, according to a decision handed down by a district court in the Southern District of New York.

The former head of the SEC division, Lisa Braganca, warned of possible legal consequences of emoji adding that could be associated with monetary benefits in the future.

  • It is important to remember that applying emoticons in communications is not the only factor that can influence investment decisions. 

At the same time, the meaning of emojis can be highly subjective and depend on the context of use.

It is important to be careful when using emojis in messages not to mislead the recipient of the text.

  • It is necessary to be accurate when choosing an emoticon in posts, especially when it comes to financial or investment topics, not to give a false impression to the recipient of the text.

Lawsuit



In support of its position, Braganca pointed to a lawsuit in which federal court judge Victor Marrero dismissed Dapper Labs' complaint, stating that the NBA Top Shot Twitter account used emoticons that could be interpreted as indicating financial returns.

Although the word "profit" was not mentioned in the tweets, the emoji had a clear financial context and could be taken as indicating the possibility of investment income. 

The judge thought this was misleading to potential investors and dismissed the complaint.

The reaction of the crypto community

Users of the cryptocurrency community reacted sharply to a warning about the possibility of confusing investors through the use of financially colored emoticons in tweets.

One person called the news "tragic," perhaps because it could affect the ability to invest in cryptocurrency and the freedom to apply emojis. 

Another user noted that the use of emoticons is no longer considered free speech, pointing to restrictions on freedom of expression on social media.

Conclusion

Even if the word "profit" was not used in the tweets, the judge considered that emojis depicting "rocket ship", "stock chart" and "moneybags" could be interpreted as a clear indication of the possibility of income from investments. Thus, the judge ruled that such emojis misled potential investors. 

  • Based on this decision, you must be extremely careful when choosing emojis for your tweets so as not to cause wrong associations and conclusions to those who read them.


Keep reading

What is Ethereum and How Does It Work?

What is Ethereum and How Does It Work?

26 September 2023

Learn about Ethereum, a ground-breaking blockchain network that is decentralized and allows for safe peer-to-peer transactions using smart contracts. Participants are fully in control and have total visibility thanks to immutable and validate transactions. In this in-depth guide, explore how to utilize Ethereum's user-created accounts, a private key, and its native currency, Ether, as you discover its capabilities.
Read more
What Is Tron (TRX) and How Does It Work?

What Is Tron (TRX) and How Does It Work?

22 September 2023

In this article we will talk about one of the most ambitious projects in the crypto industry over the last few years. Its creators propose to decentralize the entire Internet. The project is called Tron. The token of this project is Tronix or TRX. Below, we will tell you everything you need to know about this cryptocurrency and about this project: the story of its creation, how it works, and its advantages. So after this article, you will have a full understanding of what the player called Tron is like in the vastness of the blockchain.
Read more
What is Dash? (DASH)?

What is Dash? (DASH)?

22 September 2023

Appearing as an alternative to Bitcoin, DASH blockchain has become a pioneering network that aims to revolutionize the way we perceive and utilize money. With its focus on privacy, speed, and governance, it offers a unique approach to digital cash, providing users with an efficient and secure payments system for conducting fast transactions. 
Read more