Google Ads Eases Restrictions: A Preparatory Step for Bitcoin Spot ETFs by Allowing Crypto Trust Ads?
Google’s Crypto Ad Policy Update: Is It Paving the Way for Bitcoin Spot ETFs?
Despite the SEC’s decision in November to delay the final resolution on several Bitcoin spot ETFs, market optimism for the approval of Bitcoin spot ETFs remains high. Bloomberg ETF analyst Eric Balchunas reaffirms his belief, stating that the probability of a Bitcoin spot ETF approval before January 10, 2024, remains at a high 90%.
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In light of this, The Block reported yesterday that Google is modifying its cryptocurrency advertising policy, aiming to provide clear guidelines for “cryptocurrency trust ads” in the United States next year.
Further reading：Galaxy Digital’s Bullish Outlook: $10 Billion Primed for Bitcoin Spot ETF, BTC Set for New Highs in 2024
Google’s Preparations for Bitcoin Spot ETFs
According to reports, Google’s updated advertising policy, applicable globally to all Google accounts, will officially be released on January 29 next year. Advertisers certified by Google Ads and holding local institution permits can promote such products in various jurisdictions according to local laws.
Google also shows leniency towards advertisers, stating that accounts will not be immediately closed for policy violations without prior warning:
“We will issue a warning at least 7 days before suspending your account.”
Notably, Google’s broad definition of “cryptocurrency trusts” as “trusts or stock-like financial products allowing investors to trade in large amounts of digital currencies” does not explicitly mention the Bitcoin spot ETFs currently under SEC review. However, given the anticipated approval timeline (mid-January next year), it’s reasonable to infer that advertisers may soon promote Bitcoin spot ETFs on Google’s platform.
Currently Permitted Ad Content by Google
According to Google’s official guidelines, currently permitted ad content includes:
Business not pertaining to the purchase, holding, or exchange of cryptocurrencies, subject to other Google Ads policies:
Examples: Businesses accepting payment in cryptocurrency, cryptocurrency mining hardware, tax and legal services, security services, platforms that rely on blockchain for operations and do not market or sell cryptocurrencies or tokens, educational materials.
Promotion of blockchain-based games involving NFTs:
Examples: NFT games that allow players to purchase in-game items, like virtual apparel for a player’s characters, weaponry, or armor with better stats, should be consumed or used in a game to enhance a user’s experience or aid users in advancing the game.
Google also prohibits ads containing:
- Promotion of games where players can wager or stake NFTs in exchange for the opportunity to win anything of real-world value (including other NFTs)
- Promotion of social casino games that reward NFT
- Promotion of “real money gambling” destinations which includes gambling-related advertisements that appear on your game’s destination
Bitcoin Spot ETF Enters ‘Key Details’ Stage
Reuters reported on December 7 that negotiations between the SEC and Bitcoin spot ETF applicants have entered the “key technical details” stage, focusing on regulatory arrangements and creation and redemption mechanisms. This indicates the SEC might be a step closer to approving Bitcoin spot ETFs.
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Recent leaks suggest progress in SEC negotiations with ETF applicants:
- Eric Balchunas indicates the market rumor that the SEC might first approve only cash-redemption mechanisms. However, most issuers are prepared for both possibilities. If BlackRock gets SEC support, many issuers will choose physical trading; if not, they will adopt cash mechanisms.
- BlackRock and Bitwise’s ETF S-1 amendments emphasize enhanced monitoring of unusual price movements and strengthened anti-money laundering compliance. Additionally, the inclusion of PricewaterhouseCoopers’ audit statement in these documents highlights the issuers’ and SEC’s focus on financial transparency and compliance.
- BlackRock raised $100,000 in “seed funding” for its proposed Bitcoin spot ETF on October 27.
Further reading：Bitcoin ETF Breakthrough: SEC Discusses Kind and Cash Redemption with BlackRock and Grayscale
Key Review Dates for the SEC
According to Bloomberg analyst James Seyffart, we can expect further SEC reviews before mid-January next year. If all goes well, the first Bitcoin spot ETF might be launched within a month.
Further reading：Bitcoin Spot ETFs Approach Critical Milestone: A Comprehensive Look at SEC Review Dates and Negotiations
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