The Super Bowl ads from crypto companies like Coinbase, FTX and others have been the talk of the town on social media for their unconventional approach. Senate Banking Committee Chairman Sherrod Brown, however, was unimpressed and criticized the advertisers for not providing adequate warnings.
During Tuesday's Senate hearing on stablecoins, Brown raised the issue of crypto ads that aired during the Super Bowl. He said most of these ads failed to educate people about the risks of investing in cryptocurrencies. The companies did not mention the high price fluctuations and many scams that exist in the market, nor the fact that the crypto market is not as well regulated as the traditional markets.
Super Bowl ad slots are very popular, with companies like Coinbase and FTX paying almost $20 million for a 30-second ad slot.
Brown criticized the crypto companies, claiming they are only out for big profits and just want to reach as many Americans as possible. He also asked if crypto is money - which many of these companies claim - why do they have to spend millions to promote it. He further said :
"The fact that these companies feel the need to advertise at all reveals something about one of their key claims: If cryptocurrencies should actually be used as a currency, then why need to buy advertising? I've never seen the US Federal Reserve bought a multi-million dollar ad slot."
The crypto community on Twitter doesn't like this Senate Banking Chief's stance on crypto advertising. A user wrote :
"As if 'fiat' currencies never had problems with transparency, illegality, traceability, criminal use worldwide and the like. Some people just want to create fear, uncertainty and doubt."
Another user recommended a more in-depth look at cryptocurrencies:
"Sounds like Senator Sherrod Brown needs a crypto clear up. Brian Brooks, time for another house call."
At Tuesday's Senate hearing, Brown also spoke out against stablecoins, claiming they endanger the economy and Americans' hard-earned money. However, Rep. Josh Gottheimer has introduced new legislation for state-insured stablecoins , which are very similar to fiat deposits.
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