Issuers of spot BTC ETFs have started to advertise on Google
The corporation changed its policy, allowing the promotion of crypto trusts that own pools of digital currency
30.01.2024 - 09:13
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What’s new? Google Corporation has changed its advertising policy, allowing the promotion of cryptocurrency-based exchange-traded funds (ETFs). Issuers of spot BTC ETFs, including investment firms BlackRock, VanEck, and Franklin Templeton, have already started promoting their products in the search engine.
What else is known? Back in December, the media wrote that Google would revise its policy of promoting crypto products by allowing ads for trusts targeting US consumers.
On January 11, the US Securities and Exchange Commission (SEC) allowed spot BTC ETFs to the market. Their shares are traded on stock exchanges and are available to retail investors.
Investors buying shares of such funds purchase a stake in their bitcoin holdings, which is generally in line with Google’s updated requirements. They state that advertising of “financial products that allow investors to trade shares in trusts holding large pools of digital currency” is allowed.
The initiative could help drive additional funds into bitcoin ETFs due to the popularity and high performance of Google’s search engine. According to DemandSage, Google processes 8,55 billion searches daily.
CFTC chair says risks of launching spot BTC ETFs in the absence of crypto regulation
According to Rostin Behnam, officials still have no mechanisms in place to ensure customer protection
However, Google is vague in defining authorized products as cryptocurrencies. Grayscale’s GBTC, the largest bitcoin trust, has been converted into a spot BTC ETF. It received approval on January 11 — as did new BTC ETFs from BlackRock, VanEck, and Franklin Templeton, which are already being advertised on Google.
In late December, crypto users lost $3 million in a day on phishing websites promoted by Google Ads.
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