Google Unleashes Crypto Trust Ads: Anticipating ETF Approval

Google has announced updates to its cryptocurrency-related advertising policy, permitting ads for crypto trusts starting January 29, 2024. This change aligns with the anticipated approval of spot Bitcoin exchange-traded funds (ETFs) in the United States in the same month.

Google's Global Crypto Ad Policy: Compliance and Certification

Google clarified that the policy applies globally and expects advertisers to comply with local laws targeting their ads. Advertisers for cryptocurrency coin trusts must be Google-certified, possess the required licenses, and meet legal requirements in the targeted regions.

While Google already allows certain crypto ads, it excludes those related to gambling platforms, initial coin offerings, decentralized finance protocols, and trading signals. The move coincides with Bloomberg's ETF analysts giving a 90% probability of U.S. spot Bitcoin ETF approval by January 10, 2024, potentially approving multiple pending applications.

🎰 Mass Adoption: 🌐 @GoogleAds is set to embrace Crypto ads starting January 29th 2024🔜You can now promote:✅ Blockchain games with NFTs✅ Hardware wallets✅ Crypto ExchangesNot allowed:❌ ICO ads❌ Crypto trade signals❌ NFT staking ads#BTC #Crypto #Ads #Google… pic.twitter.com/iAH6rTsR8m

Key Moves in Anticipation of Bitcoin ETF Approval

In an earlier report, Finance Magnates wrote that the US Securities and Exchange Commission (SEC) had engaged with key players in the crypto industry ahead of a crucial decision on approving a bitcoin ETF. Memos released earlier revealed discussions with Grayscale, which recently challenged and won against the SEC's resistance to its Grayscale Bitcoin Trust transforming into an ETF.

The SEC additionally held talks with representatives from BlackRock and Nasdaq. While the SEC can deny crypto ETFs, many industry experts anticipate their launch in the US early next year. Despite the SEC's Chair, Gary Gensler's criticism of cryptocurrencies, he has shown a willingness to consider staff input on a potential bitcoin ETF.

Grayscale's hiring of John Hoffman, an executive from Invesco ETF, as the Managing Director, signals its preparedness to launch the fund if approved. The market's growing confidence in a bitcoin ETF approval appeared to positively influence Bitcoin's price, which rebounded above $37,000 from a late-summer dip to around $26,000 during the week when the memos were released.

With 13 Bitcoin ETF applicants, players like BlackRock, Grayscale, and Fidelity have engaged with the SEC, contributing to the positive sentiment in the crypto space where Bitcoin has surged nearly 74% in the past 90 days.