Google recently announced an update to its advertising policy regarding cryptocurrencies. Starting January 29, 2024, the company will allow advertisements for cryptocurrency trusts. This decision aligns with the expected authorisation of Bitcoin spot exchange-traded funds (ETFs) in the U.S. during the same period.
The updated policy is applicable worldwide, and Google expects advertisers to adhere to the legal requirements in their targeted areas. To advertise cryptocurrency coin trusts, entities must be certified by Google, holding the necessary licenses and fulfilling all legal obligations in their target regions.
Google’s current policy permits certain types of cryptocurrency advertisements but excludes those associated with gambling platforms, initial coin offerings, decentralised finance protocols, and trading signals.
This policy revision happens as Bloomberg’s ETF analysts predict a high likelihood, around 90%, of the U.S. approving Bitcoin spot ETFs by January 10, 2024, potentially greenlighting several pending applications.
Previously, it was reported that the U.S. Securities and Exchange Commission (SEC) had engaged in discussions with significant figures in the cryptocurrency sector, preparing for a key decision on a Bitcoin ETF.
Documents disclosed earlier showed conversations with Grayscale, which successfully challenged the SEC’s opposition to converting its Grayscale Bitcoin Trust into an ETF.
Don’t miss out the latest news, subscribe to LeapRate’s newsletter
The SEC also conducted meetings with representatives from BlackRock and Nasdaq. Despite the SEC’s power to reject cryptocurrency ETFs, many experts in the industry expect their introduction in the U.S. early next year.
Although SEC Chair Gary Gensler has expressed scepticism about cryptocurrencies, he seems open to considering staff recommendations regarding a potential Bitcoin ETF.
Grayscale’s appointment of John Hoffman, formerly of Invesco ETF, as Managing Director indicates their readiness to launch the fund upon approval. The growing market confidence in the approval of a Bitcoin ETF has positively impacted Bitcoin’s value, which saw a recovery to over $37,000 following a drop to around $26,000.
With 13 Bitcoin ETF applications in the pipeline, companies like BlackRock, Grayscale, and Fidelity have actively engaged with the U.S. Securities and Exchange Commission. These engagements have led to Bitcoin prices rising by 74% in the past 90 days.