US Senate Banking Chief Criticizes Super Bowl Crypto Ads, Claims ‘Big Crypto Companies Are Desperate’

The United States legislator from Ohio and Senate Banking Committee main Sherrod Brown is not a instrumentality of cryptocurrencies. This week during Tuesday’s stablecoin hearing, Brown criticized each the cryptocurrency companies who advertised during the Super Bowl this past play and stressed that he’s “never seen the Federal Reserve bargain a multimillion-dollar commercialized for U.S. dollars.”

Sherrod Brown Says Super Bowl Crypto Ads Left a Few Things Out

For rather immoderate clip present the U.S. Senate Banking Committee main Sherrod Brown (D-OH) has argued that crypto assets “put Americans’ hard-earned wealth astatine risk.” In November 2021, Brown sent a letter to stablecoin issuers and crypto trading platforms similar Tether, Coinbase, and Gemini and explained that helium worries astir protecting U.S. investors. “I person important concerns with the non-standardized presumption applicable to redemption of peculiar stablecoins,” Brown stressed astatine the time.

During the hearing connected Tuesday, dubbed: “Examining the President’s Working Group connected Financial Markets Report connected Stablecoins,” Brown erstwhile again highlighted his concerns astir crypto assets. At the hearing, Brown’s archetypal remarks were directed astatine the U.S. cardinal slope and helium noted that the Federal Reserve Board of Governors needs “to bring down prices and enactment workers first.” After that, Brown said that if his colleagues were genuinely acrophobic astir inflation, they “will not dilatory down this process” of bringing prices down.

Then Brown went connected to sermon the cryptocurrency ads helium saw during the Super Bowl past Sunday. During the Super Bowl, determination were a fig of advertisements from firms similar Crypto.com, FTX, and Coinbase. “If you watched the Super Bowl connected Sunday,” Brown declared, “you saw advertisement aft advertisement for a merchandise that astir Americans person heard of, but astir cipher knows what it is. Even galore of the radical who’ve bought it often don’t truly recognize it.” Brown said that the crypto firms moving the commercials are “desperate to scope arsenic galore Americans arsenic they can.”

However, Brown insisted that the crypto firms’ advertisements “left a fewer things out.” The Senate Banking Committee main added:

They didn’t notation the fraud, scams, and outright theft. The ads didn’t constituent retired that you tin suffer large successful crypto’s immense terms swings. They didn’t archer you astir the precocious fees pocketed by the crypto companies. And they definite didn’t explicate that crypto markets deficiency basal capitalist protections and oversight. Just a fewer weeks ago, hackers stole much than $300 cardinal of people’s investments from a crypto platform.

Brown Says Super Bowl successful 2000 Saw 21 Ads From Dotcom Startups, Only Four of These Companies Exist Today

Brown besides noted that the U.S. cardinal slope has ne'er advertised U.S. dollars and helium questioned wherefore the companies request to walk millions to advertise. “The information that these companies felt the request to advertise astatine each is simply a spot of a giveaway astir 1 of their large claims — if this were really meant to beryllium utilized arsenic currency, wherefore would you request to bargain ads?” Brown asked. “I’ve ne'er seen the Federal Reserve bargain a multimillion-dollar commercialized for U.S. dollars.”

The Senate Banking Committee main said that during the Super Bowl successful 2000, determination were 21 antithetic ads from net startups, and stressed that lone 4 of these companies beryllium today. He joked astir the names of stablecoins similar “Magic Internet Money” and its issuer “Abracadabra” and said that possibly “we should conscionable adjacent our eyes and spot [it’s] a harmless spot for your money.” Brown doesn’t deliberation that “working Americans tin instrumentality that risk” and helium concluded:

This isn’t the archetypal proceeding this committee has had connected stablecoins, and it won’t beryllium the last.

What bash you deliberation astir the U.S. Senate Banking Committee main Sherrod Brown’s statements astir the Super Bowl crypto commercials? Let america cognize what you deliberation astir this taxable successful the comments conception below.

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