Facebook's decision to ban crypto ads last month was apparently not after an organic consideration of the company, but after months of pressure from the FBI and other regulatory agencies that now push Google.
Jason Roy, a principal investigator with the Manitoba Securities Commission and chairman of the Canada Binary Options Working Group, said:
"What happened is that the Binary Options Working Group of Canada, as well as the FBI, explained to Facebook what the concerns were and that this type of advertising is causing people to become victims.
We've been talking to Google and had similar discussions and we're waiting for them to take similar action. "
That "explanation" went on for months, with Facebook finally collapsing. "We are very happy," said Roy, who now apparently tries to force Google to do the same.
"My hope is that Google promulgates a similar policy, where specifically name products such as binary options, ICO and cryptocurrencies," said Roy.
Apparently, Roy and the FBI have been discussing the issue for months, but Google does not seem impressed, with a representative saying: "We already prohibit and enforce against deceptive ads and misrepresentation (in all categories)."
Raising the question of why Roy and the FBI want cryptos or ICOs to be specifically named, considering that there are many legitimate cryptocurrencies and ICOs.
"There has just been an explosion of different ICOs and new tokens and crazy offerings." You are seeing ICO that are raising large amounts of money and there is nothing behind them in certain cases, but members of the public are so exaggerated that they are throwing money at them, "Roy said.
Which suggests that people need to be protected from themselves in a nanny state where Google and Facebook are going to act as law enforcement agents for the government of the United States:
"We would like to see what they were doing and determine if this is an activity that can be registered and if indeed they have registered," he said in the context of determining what ICO is legitimate about.
Ignoring many jurisdictions that do not require any registration. In the same way that they seem to ignore the fact that the law, even in the USA. UU., It is not very clear on whether a registration is necessary, since the classification of the tokens as values is now subject to a judicial resolution. While the Wyoming state legislature has explicitly stated that they are not values.
This pressure behind the scenes, therefore, seems to be too far reaching for the executive, which made it appear that Facebook had made a decision freely rather than having been seemingly pressured to do so.