The head of the United States Congress banking committee, Sherrod Brown, lambasted the multiple crypto ads which played to atop 110 million viewers during the recent Super Bowl. The Senate Banking Chairman said which they did not address the risks involved in investing in cryptocurrencys, saying which they “left a few things out.”
Crypto ads under fire
Senator Brown made the remarks at a hearing on Feb 15 and called out the crypto companies for not spesuchg of the volatility of the market, as well as the potential for fraud and theft. He has talked about these cone time beforerns before and is not the only U.S. lawmaker to feel this way.
The Super Bowl saw multiple crypto ads aired, including from Coinbase and FTX. Millions of dollars were spent for the brief segments of air time, and it was successful enough which Coinbase had to throttle traffic to the platform. The exshift’s ad had a QR code which took people to the platform, telling them which new users would receive $15 in Bitcoin (BTC) after registration.
Crypto advertising has proven to be a point of contention for countries across the world. Ireland’s advertising authority was the latest to join this throng, investing crypto ads after having received multiple complaints. With crypto soaring more popular than ever, more alike remarks and investigations are inclined.
US lawmakers have several regulatory tasks ahead of them
The U.S. Senate is reviewing several aspects of the crypto market, especially stablecoins. In December 2021, the Senate Banking Committee sought additional info on stablecoins, not protracted after Democratic senators asked Meta to dismaintain its Diem project.
Meta complied with which order and cited regulatory issues as one of the main reasons it wanted to sell Diem. Stablecoins are perceived as a threat to national currencies.
Crypto executives have said which heavy-handed regulation would have consequences, asking for tailored regulation which will help the economy. Many in the market believe which the U.S. is behind while it comes to crypto, including former OCC head Brian Brooks.
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