Super Bowl Crypto Ads Ripped By Senator, Says They Didn't Mention 'Scams'

Ohio Democratic Senator Sherrod Brown criticized cryptocurrency advertisements aired during the recent Super Bowl, saying that these ads failed to show the "scams" and other issues associated with the digital currency.

"If you watched the Super Bowl on Sunday, you saw ad after ad for a product that most Americans have heard of but almost nobody knows what it really is," Brown said during a Senate Hearing on Stablecoins. "Big crypto companies are looking to make big profits [and] are desperate to reach as many Americans as they can. They brought in celebrities and gimmicks to make crypto sound exciting and daring and profitable. But the ads left a few things out. They didn't mention the fraud, the scams, and the outright theft."

The comments by Brown come just a few days after several cryptocurrency companies featured commercials during the Super Bowl. Coinbase, a popular cryptocurrency trading application, aired a commercial showing a QR code that brought users to a link that appeared to crash shortly after.

Other cryptocurrency companies like FTX and crypto.com also featured commercials during the recent Super Bowl.

Brown continued during the hearing, "the fact that these companies felt the need to advertise at all is a bit of a giveaway about one of their major claims. If this were actually meant to be used as a currency, why would you need to buy ads?"

"I don't think I've ever seen, in 40 years of Super Bowl watching, the Federal Reserve buy a multimillion-dollar commercial for U.S. dollars. That's because crypto isn't money, it's designed for speculation," Brown added.

This is not the first time Brown has discussed the risks associated with investing in cryptocurrencies, as he made similar comments in July 2021.

"Since Bitcoin came online in 2009, thousands of these so-called "digital assets" – virtual currencies, cryptocurrencies, stablecoins, investment tokens – have poured into the markets. All of these currencies have one thing in common – they're not real dollars, they're not backed by the full faith and credit of the United States," Brown said in a statement in July. "And that means they all put Americans' hard-earned money at risk."

In addition to Brown, both the Better Business Bureau (BBB) and Federal Trade Commission (FTC) have warned of possible scams associated with some cryptocurrency companies.

In a recent statement, the BBB said that it has been investigating reports of scams associated with a website named, cryptocurity.net.

"The business name Cryptocurity, LLC is registered with Florida Division of Corporations, however the registered address is in Land O Lakes, FL. BBB believes that the creator of the website is fraudulently using the business name without permission," the BBB said.

In April, the FTC issued a statement warning consumers of social media scams, where users are asked to pay for items with cryptocurrency.

Newsweek reached out to Brown's office for comment but did not receive a response in time for publication.

Bitcoin
Cryptocurrency advertisements were criticized by Ohio Senator Sherrod Brown, who said that the ads failed to show the "scams" associated with the digital currency. Above, pedestrians walk past an advertisement displaying a Bitcoin cryptocurrency token on February 15, 2022 in Hong Kong, China. Anthony Kwan/Getty