The Banning of Cryptocurrency Advertisements by Social Media
Joe McCann, a former Wall Street trader and Founder and CEO of NodeSource, told Digital Journal that the banning of cryptocurrency advertisements on social media is a more of a political decision relating to the government’s fears over radical decentralization rather than over any genuine concerns over public protection.
Cryptocurrency-related advertisements will now be banned from Twitter in addition to Google and Facebook. Although major social media platforms have policies in place that prohibit ads that promote financial products and services associated with misleading or deceptive promotional practices, McCann insists that this move is actually motivated by the government and media outlets’ feeling threatened by cryptoassets and their usage. In particular, he asserts:
“For millennia, governments have ruled by force, politics and mythology within their own borders. With the dawn of the internet, borders simply vanished and now with the one thing that governments have immense power over, money, slipping into decentralization where no one and everyone has the power, is a tectonic shift to the way governments govern. How can you control what someone earns, spends, consumes or produces when you simply can’t control it?”
To support his position, McCann further explains that although there may be concerns regarding the promotion of scams, the truth is that, in reality, scam artists are everywhere and their prevalence even in highly regulated industries illustrates that stopping the flow of information via advertising is, “analogous to putting a band-aid on a crack in a dam.” Furthermore, he points out that people are moving forward with the idea of this new asset class regardless of government and media outlets’ shielding attempts, which McCann argues only further validates the emergence of cryptocurrency.
McCann reflects positively on the future of cryptocurrency and believes that cryptoassets are, “never going away.”
To read the full article on Digital Journal, click here.
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