Google Updates Policy To Allow Crypto ETF Ads As Possible Spot BTC ETF Approval Nears

Search engine giant Google recently introduced policy updates that contain crucial changes to its advertising guidelines on cryptocurrency and related financial products. These adjustments are scheduled to take effect on Jan. 29, 2024.

The changes, as per Google, are based on the latest criteria in its certification process, among which Cryptocurrency Coin Trusts are allowed to create and serve ads on Google granted that they are able to meet the requirements and secure a Google certification.

"Beginning January 29th, 2024, advertisers offering Cryptocurrency Coin Trust targeting the United States may advertise those products and services when they meet the following requirements and are certified by Google," the search engine giant said in an update released on Dec. 6.

Cryptocurrency Coin Trusts refer to investment vehicles that let investors trade shares in trusts that hold crypto assets.

The search engine giant emphasized that the planned changes underline its commitment to abide by local laws. It also said it expects all advertisers' compliance.

"As a reminder, we expect all advertisers to comply with the local laws for any area that their ads target. This policy will apply globally to all accounts that advertise these products. For more details, see About restricted financial products certification," Google noted.

Google clarified that those caught violating its policy will not be suspended right away. Instead, they will receive a warning at least a week before the suspension of their account.

"Violations of this policy will not lead to immediate account suspension without prior warning. A warning will be issued, at least seven days, before any suspension of your account," it explained.

Google's latest announcement came amid heightened hype surrounding the U.S. Securities and Exchange Commission's (SEC) approval of the spot Bitcoin exchange-traded fund (ETF) application of several Wall Street giants.

Over the past several weeks, the financial regulator has met with several firms, particularly with Blackrock and Fidelity, to iron out prospectus on the kind of model their proposed crypto investment vehicle will use.

Bloomberg Intelligence ETF analysts Eric Balchunnas and Jeff Seyffart have remained firm when it comes to their forecast, believing that there is a 90% chance that multiple spot Bitcoin ETF applicants will be allowed to offer the highly anticipated crypto investment vehicle in the U.S. by January 2024.

While the hype surrounding the potential approval of spot Bitcoin ETF is high, Bitcoin, the world's oldest crypto asset, was trading in the red zone at $41,998.79 as of 4:32 a.m. ET on Tuesday with a 24-hour trading volume up by 23.45% at $32,217,143,774.

This latest price action has represented a 0.55% plummet in the past 24 hours and a 0.9% gain over the last seven days.

Data from CoinMarketCap showed that Bitcoin's circulating supply stands at 19,567,668 BTC with its value continuously dipping by 0.45% at a $822,350,232,083 market cap.