Companies • December 11, 2023, 9:51AM EST
Published 1 minute earlier on
Quick Take
- Google is updating its crypto policy to clarify the scope for advertising “Cryptocurrency Coin Trusts.”
- From Jan. 29, advertisers certified by Google may promote such trusts targeting the United States where they meet its requirements.
Google is revising its crypto ads policy to include the advertising of “Cryptocurrency Coin Trusts” targeting the United States. The recent update, due to be enacted on Jan. 29, will enable Google-certified advertisers to promote such products, provided they meet the tech giant’s requirements. Google’s non-exhaustive example of these trusts includes “financial products that allow investors to trade shares in trusts holding large pools of digital currency,” according to the update. The policy will apply globally to all Google accounts, and advertisers must continue to comply with local laws wherever else these products are targeted, the company stated. “Violations of this policy will not lead to immediate account suspension without prior warning,” Google added. “A warning will be issued, at least seven days, before any suspension of your account.” In September, Google also expanded its crypto policy, enabling advertisers to promote NFT games using its services as long as they do not promote gambling-related content. Google’s crypto policy update is due to be enacted in the same month many anticipate the approval of spot bitcoin exchange-traded funds in the U.S. However, it is unclear if the ETFs would fall under Google’s definition of “Cryptocurrency Coin Trusts.” Google did not respond to a request from The Block asking for clarification. The next deadlines for the Security and Exchange Commission’s decision to approve, reject or delay applications from firms including BlackRock, Bitwise, WisdomTree, Invesco, Fidelity, Valkyrie and VanEck are expected to fall in mid-January. The SEC is also currently reviewing Grayscale’s Bitcoin Trust (GBTC) product after the U.S. Court of Appeals for the D.C. Circuit issued a formal mandate in October for the regulator to reconsider Grayscale’s bid to convert its flagship GBTC fund into a spot bitcoin ETF. Bloomberg analyst James Seyffart recently said the window for potential spot bitcoin ETF approval was looking like it would fall between Jan. 5 and Jan. 10. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.Spot bitcoin ETF anticipated conversions and approvals
About Author
James Hunt is a reporter at The Block, based in the UK. As the writer behind The Daily newsletter, James also keeps you up to speed on the latest crypto news every weekday. Prior to joining The Block in 2022, James spent four years as a freelance writer in the industry, contributing to both publications and crypto project content. James’ coverage spans everything from Bitcoin and Ethereum to Layer 2 scaling solutions, avant-garde DeFi protocols, evolving DAO governance structures, trending NFTs and memecoins, regulatory landscapes, crypto company deals and the immersive metaverse. You can get in touch with James on Twitter or Telegram via @humanjets or email him at [email protected].
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