Sherrod Brown: Real currency doesn’t need $20 million Super Bowl ads

Cryptocurrency is not real money, and the great efforts of companies to promote it only prove this, according to the head of the US Senate Banking Committee.

The head of the US Senate Banking Committee, Sherrod Brown, criticized fintech companies that advertised cryptocurrencies at the Super Bowl, the final game of the US National Football League (NFL) on February 14. Companies were silent about the risks associated with digital currencies, the senator recalled. They didn’t even bother to mention the weak regulation of the industry, the high volatility of crypto assets and the increasing incidence of fraud, the head of the banking committee said:

“If you’ve watched the Super Bowl, you’ve probably seen the back-to-back ads for crypto products that most Americans have heard of but almost no one knew what they were. These profit-driven companies are desperately trying to reach as many Americans as possible by presenting cryptocurrencies as something bold and profitable for investors.”

The senator is sure that if cryptocurrencies were “real currencies”, they would not need advertising. The fact that $20 million had to be invested in promotion at a football match speaks for itself:

“I’ve never seen the Federal Reserve buy multi-million dollar ads.”

Recall that in the middle of last year, Brown proposed to revoke the licenses for banking services from the cryptocurrency companies Protego, Paxos, Anchorage.

Source: Bits

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