Some crypto companies like Crypto.com, FTX, Coinbase, and so on, aired Super Bowl ads that displayed their services. The ads were seen by people in the stadium, at home watching the event live on their TV, as well as those on the internet. It was heralded as a smart move by the crypto community.
The influx of new users to the Coinbase website took it out of commission for a while.
Advertising on Super Bowl is very expensive because of its popularity and reach. It is believed that the crypto companies paid close to twenty million dollars each for a thirty-second ad slot.
Not everyone is impressed with the crypto ads, as Sherrod Brown, the head of the United States Senate Banking Committee, believed that Super Bowl was out of line for advertising these projects without adding the necessary risks and warnings.
In the Senate hearing held on Tuesday concerning stablecoins, Brown complained about the crypto ads that were aired to millions of people from the Super Bowl. He believed that the advertisement was misleading, as it did not incorporate the risks and drawbacks that may be linked to cryptocurrencies. They failed to mention that the market is not as regulated as the traditional financial markets.
Brown stated that the reason behind the ads was to make profits from Americans and get a greater market share. He believed that if cryptocurrencies were money, there was no need to spend tens of millions to advertise them.
Brown noted,
“The fact that these companies felt the need to advertise is a bit indicative of one of their main claims – if this was really meant to be used as currency, why would you need to buy ads? I have never seen the federal reserve buy a multi-million dollar ad for US dollars.”
Crypto enthusiasts did not agree with his thoughts, and they made this known. According to a crypto enthusiast on Twitter,
“As if ‘fiat’ currencies never had problems with transparency, use of illegality, untraceability, criminal use around the world, etc. fear, uncertainty and doubt reign for some.”
A second crypto user stated,
“Looks like senator sherrod brown needs some training in cryptography. Brianbrooksus, it’s time for another house call.”
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