Internet giant Google announced updates to its cryptocurrency ad policies, allowing advertisers to offer US ads for “Cryptocurrency Coin Trusts” starting January 29, 2024.
Google is implementing changes to its “cryptocurrencies and related products” ad policy framework to “clarify the scope and requirements for the advertisement of Cryptocurrency Coin Trusts.”
Google Will Allow “Crypto Trusts” to Advertise
In a December 6 announcement, Google said advertisers offering Cryptocurrency Coin Trust targeting the US may advertise those products and services when they meet specific requirements and are certified by Google to do so. According to reports by Blockworks, Google said in an email that the new policy will allow “crypto coin trusts to serve ads targeting the United States provided they complete our certification process and have voluntarily registered with the SEC by filing Form 10-12g.”
In its announcement, Google defines the trusts as:
“…financial products that allow investors to trade shares in trusts holding large pools of digital currency.”
In its email to Blockworks, Google elaborated on the definition of crypto trusts and said they are funds “that only invests in cryptocurrency, such as Bitcoin. These funds are closed-end. They own bitcoins for investors, and their shares are traded over-the-counter.”
According to Google, its updated policy will take effect on January 29, 2024.
Significantly Relaxed Updates in Policy
Google has traditionally adopted a cautious approach to crypto-related advertisements but seems to have loosed its previously strict policies. In August, the company relaxed some of its policies. Its relaxed approach now allows ads for NFT games, companies that accept crypto and licensed providers of crypto exchanges and wallets. Google, however, still prohibits ads for ICOs, gambling and staking NFTs.
Opinion: Is Google Expecting an ETF Approval Soon?
Google’s shift in policy stance appears to coincide with the highly anticipated SEC approval of the first spot Bitcoin (BTC) exchange-traded fund (ETF). Bloomberg’s senior ETF analyst Eric Balchunas commented that Bloomberg is of the view that there is a 90% chance of approval by January 10. Balchunas posted to X (formerly Twitter) to say:
“People asking me if we changed odds. No, we still holding line at 90% odds of approval by January 10 (aka this cycle), the same odds we’ve had for months (before it was cool/safe). What we watching for now: more amended/final filings to roll in and clarity on in-kind vs cash creates.”
Thirteen companies eagerly await a decision from the US Securities and Exchange Commission on whether they may launch their products. Fidelity, BlackRock and Grayscale are among the significant players awaiting the SEC decision.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
