Google's Policy Amendment Permits Advertising for Cryptocurrency Trusts in the United States
Google's updated advertising policy allows for cryptocurrency coin trusts to be advertised, aligning with the potential approval of spot Bitcoin ETFs.
The technology giant Google has made changes to its advertising policy concerning cryptocurrencies. Starting at the end of January, Google will allow advertisements related to cryptocurrency trusts. Interestingly, this policy update coincides with predictions that spot Bitcoin ETFs, which are currently trading at approximately $42,358, will receive approval in the United States during the same month.
In its policy change log dated December 6th, Google specified that the updated policy for cryptocurrency and related products ads will come into effect on January 29, 2024. This update will permit ads from advertisers offering "Cryptocurrency Coin Trust" products targeting the United States. Cryptocurrency coin trusts are essentially financial products that enable investors to trade shares in trusts holding substantial amounts of digital currency, likely including ETFs.
It's important to note that Google expects all advertisers to adhere to local laws relevant to the areas their ads target. This updated policy will apply globally to all accounts advertising these products. Advertisers looking to promote cryptocurrency trusts must be Google-certified, which involves possessing the necessary licenses from relevant local authorities. Furthermore, their products, landing pages, and ads must comply with all local legal requirements in the specific country or region they are seeking certification for.
Google's detailed log regarding the approval of crypto trust ads. (Source: Google)
While Google already permits advertising for certain crypto-related products, it continues to exclude ads for crypto or NFT-based gambling platforms, initial coin offerings, decentralized finance protocols, and services offering trading signals.
This policy change aligns with Bloomberg's ETF analysts predicting a 90% chance of the approval of a U.S. spot Bitcoin ETF by January 10, 2024. There's potential for several pending ETF applications to be approved simultaneously. Currently, there are 13 Bitcoin ETF applicants, but there's limited publicly available information about their approval processes. Many major fund managers, including BlackRock, Grayscale, and Fidelity, have reportedly engaged with the U.S. Securities and Exchange Commission to discuss technical details related to their ETF proposals.
The crypto community is hopeful for these approvals, given that Bitcoin has seen nearly a 74% increase in value over the past 90 days. Some analysts even anticipate the possibility of a new all-time high for Bitcoin in 2024.