Fed never did it US Senate Banking head lashes out at Super Bowl crypto ads
Lawmakers claim that crypto is not real money and proves that companies spend millions on advertising.
Super Bowl ads from crypto companies, including Coinbase, FTX and more, have dominated social media and news headlines for their off-the-box approach. However, Sherrod Brown, head of the U.S. Senate Banking Committee, was not impressed and blasted the ad creators for not taking proper precautions and risks involved.
Brown, during a Senate hearing Tuesday on Stablecoin, brought up the topic of popular crypto advertising aired during the Super Bowl. He says most of these ads fail to tell people about the dangers of investing in cryptocurrencies. Companies have failed to address the wild price changes and conventional scams that have occurred in the market or the fact that the crypto market is not as regulated as the traditional market.
Super Bowl ad slots are hugely popular, and companies like Coinbase and FTX have paid around $ 20 million for 30-second ad slots.
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