Last week, we published an article informing that some ads about ICOs and cryptocurrencies had been removed, and even advertisers had their Google Accounts suspended without any warning. Now, according to an article published by BTCManager, it seems that the pressure comes from the federal level.
The Federal Bureau of Investigations is pressuring Google to stop advertising for all crypto-related businesses, at least till the Securities and Exchange Commission establishes clear policies for ICO’s and “illegal” exchanges. Last week, there was a regulatory onslaught by the Security Exchange Commission, that subpoenaed every ICO out there, and also mandated every crypto exchange to register as a regular stock exchange.
A senior investigator revealed that “What happened is that Canada’s Binary Options Task Force, as well as the FBI, explained to Facebook what the concerns were and that these types of ads are leading to people becoming victims. We’ve been talking to Google and had similar discussions and are waiting for them to take similar action.”, what confirms that Google has been having conversations with the agency regarding this subject.
The problem lies in that, according to an earlier report, Initial Coin Offerings are not heavily regulated, and some of these organizations could have been operating outside the federal law. This puts the ICO’s and crypto related markets in a tight spot, not knowing what to expect in the future.
The truth is that the SEC should foster quickly a regulatory initiative to dispel the mist and clear the atmosphere in which the market is submerged now. There are plenty of scammy ICO’s, but the fair ones should not be affected by these measures. ICO’s represent the innovative part of blockchain tech right now, getting a ton of attention from the media; and a ton of money from investors looking to profit too.