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Where is the copyright infrigment?
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Creating an emulator, being part and parcel of the tactic of reverse engineering software, is widely considered as infringing upon the proprietary rights of the copyright holder, and is an accessory to copyright infringement. Statutory parameters are outlined very clearly in 17 USC 106.
It's also willful trademark dilution, trademark infringement, and, "unfair competition", which falls under the DMCA punitive guidelines.