Bitcoin ETF Approval Buzz: Google Revises US Crypto Ad Policy
The world’s leading search engine, Google, has reportedly eased its crypto advertising restrictions to allow US-based ads for crypto trust. According to insider sources, the move aligns with the ongoing expectations of an imminent approval of a spot Bitcoin exchange-traded funds (ETF).
Allowing US Crypto Trusts Ads
Google has updated its policy on cryptocurrency coin trust advertisements in the United States. However, advertisers must be certified by Google and have the necessary licenses from the relevant local authorities before promoting crypto trusts targeting US consumers.
The policy prioritizes global application, requiring compliance with local laws in the targeted regions. Meanwhile, Google’s policy change coincides with rising expectations for approving spot Bitcoin ETFs in the United States.
Bloomberg ETF analysts estimate a 90% chance of approval by January 2024. Although the US Securities and Exchange Commission (SEC) has not approved spot Bitcoin ETF applications, experts believe the first approval could come as early as 2024.
Google’s Requirement For Crypto Trust Ads
Google’s certification process for prospective crypto trust advertisers is an essential step toward ensuring responsible advertising practices in the rapidly changing cryptocurrency landscape. The procedure emphasizes the importance of adhering to local laws required to obtain the necessary licenses from local authorities.
Advertisers must ensure that their products, landing pages and advertisements comply with the laws of the respective countries or regions. It is worth noting that the certification process is meticulous, with advertisers required to meet specific criteria.
Obtaining the necessary licenses from local authorities is also part of the process. Nevertheless, the process is essential to ensure advertisers abide by local laws and regulations.
Aiming For ETF Approvals
Several asset management and investment landscape players have already filed for their ETF approvals with the regulator. So far, 13 Bitcoin ETF applicants, including giants in asset management services such as BlackRock, Grayscale, and Fidelity, are pushing for the SEC’s ETF green light.
These firms have met with the commission to discuss critical technical details about their ETF proposals. The crypto market has reacted positively, with Bitcoin increasing by 74% in the last 90 days.
If the SEC approves the Bitcoin ETF applications, the crypto market cap is expected to grow by $1 trillion. Analysts predict the approval would increase Bitcoin’s market capitalization to over $900 billion.
In 2020-2021, the first wave of adoption was institutions adding BTC to their balance sheets, while the next wave could be financial institutions providing Bitcoin access to their clients through spot ETFs.
Advocates argue that the intricacies of crypto exchanges, wallets, and private keys hinder newcomers’ entry into the crypto space. Thus, a Bitcoin ETF would allow these investors to gain exposure to Bitcoin without directly owning the leading digital asset.
Meanwhile, the SEC has dragged its heels on the approval of a crypto-based ETF, citing fears of market manipulation among traders.
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