The Super Bowl advertisements by crypto companies, including Coinbase (NASDAQ:COIN), FTX and several others, ruled social media and news headlines for their out-of-the-box approach. However, United States Senate Banking Committee Chief Sherrod Brown was not impressed and blasted the ad-makers for not including appropriate warnings and risks involved.
Brown, during the Tuesday Senate hearing on stablecoins, brought in the topic of popular crypto advertisements that aired during the Super Bowl. He said most of these ads failed to tell people about the downsides of investing in cryptocurrencies. The companies failed to mention the wild price swings and prevalent scams that occur in the market or the fact that the crypto market is not as well regulated as the traditional ones.