Late last month Facebook banned crypto ads, and it is now clear that the decision was not after an organic deliberation by the company, but after enduring sustained pressure from the FBI and other US government regulatory agencies. After the successful pressuring of Facebook, the FBI has now set its eyes on the next company; Google.
A senior investigator at Manitoba Securities Commission and Chairman of Canada’s Binary Options Task Force, Jason Roy, told Trustnodes:
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.
The onversationtook place over a period of months until Facebook gave in, with Roy saying they are very pleased. He is now trying to pressure Google to follow Facebook’s lead. “My hope is that Google will enact a similar policy, where they specifically name products like binary options, ICOs and cryptocurrencies,” he said.
The FBI has been discussing the issue for several months, but Google seems unperturbed and not ready to give in, with a representative from the company saying that, “We already ban and enforce against misleading ads and misrepresentation (across all categories)”. Questions have been raised as to why the FBI is determined to have cryptos or ICOs banned, when there are many cryptocurrencies and ICOs that are legitimate. Asked about this, Roy responded:
There’s just been an explosion of different ICOs and new tokens with crazy offerings. You’re seeing ICOs that are raising large amounts of money and there’s nothing behind them in certain cases, but members of the public are so hyped they’re throwing money at them.
The behind-the-scenes pressure is seen as an over-reach by the Executive as tech companies have no mandate in determining which ICOs are legitimate. At the moment, the law is not clear in the US on whether ICOs should be registered or not as it is currently with the courts as to whether tokens should be classified as securities. The uncertainty has seen states like Wyoming’s legislature explicitly stating that tokens are not securities. The over-reach by the Executive made Facebook appear as if they had made a free-will decision, rather than being pressured into it.
Image Credit: Deposit Photos
What’s your take on the latest move by the government through the FBI and other regulatory bodies to pressure companies like Google and Facebook to ban crypto ads? Is the government genuine in its stated goal of protection of the public or is it merely panic over the growth of crypto? Leave us your opinion in our comments section.