Google Announces Update to Crypto Ad Policy, Allowing US Ads for “Cryptocurrency Coin Trusts” in 2024
In a recent announcement, Google revealed that it will be updating its crypto ad policy to allow advertisers to offer US ads for “Cryptocurrency Coin Trusts” starting Jan. 29, 2024. The tech giant defines these trusts as “financial products that allow investors to trade shares in trusts holding large pools of digital currency.”
According to Google, the updated 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.” Additionally, Google clarified that these crypto trusts are funds that only invest in cryptocurrency, such as Bitcoin, and are closed-end. They own bitcoins for investors, and their shares are traded over-the-counter.
This move comes as part of Google’s broader effort to update its crypto ad policy, which currently allows ads for NFT games, companies that accept crypto, and licensed providers of crypto exchanges and wallets. However, the policy prohibits initial coin offerings (ICOs), gambling ads, and staking NFT games. In September, the company loosened its policy around NFT game ads with some exceptions.
It’s important to note that Google specified that crypto trusts are not ETFs and are only available to investment companies, accredited investors, or high-net-worth individuals, and are not accessible to the general public.
The announcement of this update coincides with the much-awaited ruling on spot bitcoin ETFs. The language used by Google could suggest that spot bitcoin ETF advertising is allowed if the US Securities and Exchange Commission gives the 13 bitcoin ETF applications a green light.
Historically, the topic of bitcoin ETFs has been a contentious issue, with numerous firms and analysts awaiting a decision from the SEC. With BlackRock, Ark, Fidelity, and Franklin Templeton among the companies aiming to get funds out the door, the possibility of a bitcoin ETF getting approved has been heightened.
Looking ahead, ETF analysts have set a timeline targeting a period in early January for an SEC decision, with some eyeing the multitude of conversations being held by the regulatory agency and the ETF hopefuls as a sign that the Commission is inclined to approve applicants. Bloomberg analyst James Seyffart expects the window for a possible approval to be between Jan. 5 to Jan. 10, with potential approvals coming in the last three days.
In sum, Google’s update to its crypto ad policy and the impending decision on spot bitcoin ETFs reflect the industry’s ongoing evolution and the growing interest in cryptocurrencies and blockchain Technology.
The article was updated on Dec. 11, 2023, at 3:10 pm ET to include comments from Google. For the latest news and updates on the crypto industry, be sure to join our free daily newsletter.
