Levine had a nice, and more detailed, write-up last week too (https://www.bloomberg.com/opinion/articles/2023-02-23/slam-dunks-might-be-securities https://www.b

Levine had a nice, and more detailed, write-up last week too (https://www.bloomberg.com/opinion/articles/2023-02-23/slam-dunks-might-be-securities https://www.bloomberg.com/opinion/articles/2023-02-23/slam-d...), including this bit: --- NBA Top Shot’s Twitter account promoted not the coolness of the highlight videos, but the amounts of money involved in Top Shots trading. The opinion quotes some of them, and adds: Each Tweet promotes a recent sale or statistics of recent sales of Moments on the Marketplace. And although the literal word “profit” is not included in any of the Tweets, the “rocket ship” emoji, “stock chart” emoji, and “money bags” emoji objectively mean one thing: a financial return on investment. --- Which specifically highlights the bit about where and why the emojis in question are financial advice, and why it meets the Howey Test. If you tell someone (through emojis or otherwise) that they'll make a profit buying something, that's financial advice.