[leetcrew]

you're only liable for the advice if you meet the criteria for an investment advisor under the Investment Advisers Act of 1940, which involves actually getting paid somehow for the service. [0] I'm not an expert on the topic, but I can't see how you could possibly construe this as being intended to regulate informal discussions among laypeople. if so, why would they write the whole law around the responsibilities of investment advisors and specific criteria for being one?

similar liability exists for other people who give advice in a professional capacity (eg, lawyers, doctors, engineers), but I can't think of any situation where a layperson would be held responsible for bad advice.

[0] https://www.investopedia.com/terms/i/investadvact.asp