Advertisements are a common occurrence during the Super Bowl, but this time around, there were ads from some of the leading names in the crypto industry, such as FTX, Coinbase, and Crypto.com. Due to the appearance of these advertisements during the sporting event, some people went as far as labeling it the ‘Crypto Bowl’. However, not everyone was pleased with these turnover events. Sherrod Brown, the head of the US Senate Banking Committee, was clearly displeased and lashed out because these ads were aired during one of the most-watched sporting events held in the US.
Browns was extremely angry at the crypto companies for showing these ads without a warning about risks associated with cryptocurrencies accompanying them. Brown shared his displeasure at this occurrence during the senate hearing that was held for discussion of stablecoins. He stated that most of the ads that were shown during the Super Bowl did not have any warning included about the volatile nature of these digital currencies. He went on to say that the crypto firms had failed to highlight the rampant scams in the space and had also failed to mention that the crypto industry was not regulated the same way as the traditional finance sector.
Ads that are aired during the Super Bowl are extremely expensive, with the cost of just 30 seconds to be somewhere around a whopping $20 million. According to Brown, the crypto companies where investing such hefty amounts to give their profits a boost by reaching out to as many people as possible. He also stated that if it was possible for crypto to be used as money, there was no need for these companies to promote them. He asserted that the fact that crypto companies have to advertise themselves and cryptocurrencies is kind of a giveaway about one of their most prominent claims.
The senator said that if cryptocurrencies were truly meant to be used as currencies, there wouldn’t be any need for companies to buy ads. He referred to the US dollar here by stating that the Federal Reserve did not have to purchase a multimillion-dollar ad for promoting the greenback. Of course, there was a reaction from the crypto community on the remarks of the US senator about the crypto ads. One Twitter user stated that fiat currency also has had issues with transparency and had been used illegally. The user said that it had been used worldwide for criminal activities because it is untraceable.
The user said that some people are ruled by FUD (Fear, Uncertainty and Doubt). According to another user, Brown did not have a clear understanding of cryptocurrencies and that the senator needed to dedicate some time to learning more about digital assets. In fact, the user went as far as urging Brian Brooks to attend another hearing for teaching Brown about cryptocurrencies. Brown also spoke against the use of stablecoins during the hearing. The senator said that these stablecoins were a danger to the US economy. The US Treasury had also said earlier that they were a threat to the country’s monetary policy and could also affect the value of the US dollar.
