There's no bright line. But jurisprudence puts it somewhere below 375 subscribers to a newsletter. https://www.bloomberg.com/opinion/articles/2023-11-02/the-ba

There's no bright line. But jurisprudence puts it somewhere below 375 subscribers to a newsletter. https://www.bloomberg.com/opinion/articles/2023-11-02/the-banks-are-where-the-money-isn-t https://www.bloomberg.com/opinion/articles/2023-11-02/the-ba... (Journalism Section)