Google expects an influx of advertisements related to cryptocurrencies as these digital assets are heading on a bull run. With that, the company has been silently revising its rules on them, but one thing that really got everyone talking about these new guidelines is the one that touches “Cryptocurrency Coin Trusts” in the US.
The Revised Google Guidelines
According to Google, it aims to provide enough information for users to make knowledgeable decisions when dealing with cryptocurrencies. These include emphasizing the risks associated with crypto products and services to protect people from fraudulent activities. The new rules cover the subjects of management, investment, and personal advice about crypto. Importantly, the company reminds promoters to adhere to their targeted audiences’ state and local regulations.
A major part of the update tackles the advertisements of Cryptocurrency Coin Trust in the United States. Google defines these as “financial products that allow investors to trade shares in trusts holding large pools of digital currency” in its notes. It reminds that non-compliance with its standards will lead to a warning at least seven days before the eventual suspension of the advertiser’s account.
A New Perspective
What’s mindboggling regarding the tone of Google is its apparent shift from a cautious to a more confident stance on crypto-related ads in the US. Prior to this, the company has been playing safe on the matter so it won’t get in the crossfire between regulators and industry players.
The exciting part, however, is the timing of the new ad guidelines. Their release happens to coincide with the rumored mass approval of all spot Bitcoin (BTC) exchange traded fund (ETF) filings currently under Securities and Exchange Commission (SEC) scrutiny by next month.
Google’s proactive move is seen by the crypto community as a silent nod to the prospect of spot Bitcoin ETFs. But then again, did the company get wind of something else?
Spot Bitcoin ETF Optimism
Over 10 financial institutions are vying for spot Bitcoin ETF approval in the US right now. Among the big names include BlackRock, Grayscale, Fidelity, VanEck, Invesco, and Franklin Templeton.
Based on the recent move of the SEC to fast-track the comment period of both Franklin Templeton and Hashdex, which happened to come late to the party, to January 5, 2024, there are ongoing rumors that the agency may be looking to decide on all pending applications within that timeframe. This has fueled speculations that the regulator may be gearing toward a bombshell announcement between that date and the tenth, which could flood and disrupt the trillion-dollar market with spot Bitcoin ETFs.
Quoting Grayscale CEO Michael Sonnenshein’s comment, which is also shared by many in the crypto community, the approval of spot Bitcoin ETFs in the US “remains a matter of when, not a matter of if.”