In preparation for the anticipated approval of spot Bitcoin exchange-traded funds (ETFs) in the U.S., Google is updating its crypto ads policy. Effective January 29, 2024, Google will include the advertising of “Cryptocurrency Coin Trusts” targeting the United States. Certified Google advertisers will be allowed to promote these products, provided they adhere to the tech giant’s requirements.
Google’s updated policy encompasses financial products allowing investors to trade shares in trusts holding substantial pools of digital currency. This change is part of Google’s ongoing adjustments to its crypto ad policies. Advertisers must comply with local laws in other regions where these products are promoted. Google emphasizes that policy violations will be preceded by a warning issued at least seven days before any account suspension.
This modification follows Google’s previous expansion of its crypto policy in September, allowing advertisers to promote non-fungible token (NFT) games while excluding content related to gambling.
As the crypto industry eagerly awaits potential spot Bitcoin ETF approvals in January, uncertainties exist regarding whether these ETFs align with Google’s definition of “Cryptocurrency Coin Trusts.” Google has not clarified this distinction in response to inquiries.
Several firms, including BlackRock, Bitwise, WisdomTree, Invesco, Fidelity, Valkyrie, and VanEck, have pending applications for spot Bitcoin ETFs. The U.S. Securities and Exchange Commission (SEC) is also reviewing Grayscale’s Bitcoin Trust (GBTC) after a mandate from the U.S. Court of Appeals for the D.C. Circuit instructed the SEC to reconsider Grayscale’s bid to transform its GBTC fund into a spot Bitcoin ETF. Bloomberg analyst James Seyffart suggests that the potential approval window for spot Bitcoin ETFs could occur between January 5 and January 10.
