Senate Banking Head Condemns Super Bowl Crypto Ads

Cryptocurrency made a splash at the Super Bowl on Sunday, with multiple cryptocurrency exchanges airing ads.


The crypto ads captured America’s attention, but not everyone loved them. Senate Banking Chairman Sherrod Brown blasted them during a senate committee hearing Tuesday, saying the ads lacked transparency and “left a few things out.” The hearing Tuesday was another government meeting on stablecoins, where U.S. lawmakers echoed similar past sentiments about how more regulation is needed.

“While stablecoins suggest they’re like money, good luck trying to use one at the store. Their main purpose today is to make it easier to trade, speculate, and in some cases even hide assets in crypto and digital markets,” Brown said. Meanwhile, a New Jersey lawmaker released an early draft of a bill on regulating the stablecoin market. The New York Stock Exchange filed a trademark application for its own NFT marketplace. JP Morgan has officially entered the metaverse. And crypto exchange Coinbase will allow crypto recipients in Mexico to cash out in local currency.

Here’s more on the latest crypto news investors should know about:

  • The New York Stock Exchange, the world’s largest stock exchange by market capitalization, wants to be the marketplace for NFTs just like with stocks. The exchange filed an application with the U.S. Patent and Trademark Office to provide an online marketplace for digital goods including NFTs, cryptocurrencies, digital media, and artwork. If the exchange’s plan comes to fruition, it would compete with other popular NFT marketplaces like OpenSea and Rarible.

  • New Jersey Rep. Josh Gottheimer on Tuesday unveiled an early draft of legislation that would place clear definitions around U.S. dollar-backed stablecoins. The proposed legislation would designate certain stablecoins as “qualified,” making them redeemable on a one-to-one basis for U.S. dollars, and institute traditional deposit insurance on stablecoin holdings. The bill also states that qualified stablecoins would only be issued by banks or non-bank institutions that satisfy certain regulations.

  • JP Morgan has officially entered the metaverse, opening a lounge in Decentraland, a virtual world based on blockchain technology. The “Onyx lounge” was unveiled along with a report from the bank outlining “limitless” opportunities for businesses in the metaverse and why there is “explosive interest.” JP Morgan is the largest bank in the U.S. and the first to participate in the metaverse.

  • Coinbase announced it’s launching a service that allows cryptocurrency recipients in Mexico to cash out their funds in pesos. The service will be offered at over 37,000 locations across the country, free of charge through March 31, after which customers will be charged a “nominal fee that’s still 25-50% cheaper” than traditional international payment options, according to a Coinbase blog post. Cryptocurrency has drawn interest for cross-border payments and money transfers, because of its potential as a faster and cheaper method to transact compared to more traditional options.

Bitcoin is the largest cryptocurrency by market cap, and a good indicator of the crypto market in general, since other coins like Ethereum (and smaller altcoins) tend to follow its trends. Even though Bitcoin recently set another new all-time high, it was a pretty normal uptick for the crypto, which is notorious for its volatility. That’s not to say investors should take swings in either direction lightly, and this is also why investing experts recommend not making any major investment changes based on these normal fluctuations.


Cryptocurrency is still very new, and everything from innovation to regulation can have outsize impact for investors. Here’s how you can invest smartly, regardless of what’s making news or Bitcoin’s price swings.

What You Should Know About Crypto Investing Cryptocurrency is a highly volatile, speculative investment. Only invest in crypto what you’re prepared to lose, and make sure you have other financial priorities in place first: save money in an emergency fund, contribute to retirement savings, and pay off any high-interest debt balances.

How Investors Should Deal With Volatility

Cryptocurrency volatility is nothing new, and you should be comfortable with this if you decide to invest. Volatility can be attributed to an “immature market,” says Ollie Leech, learn editor at Coindesk, a cryptocurrency news outlet. Anything from a celebrity tweet to new federal regulation can send prices spiraling.

“If Elon Musk puts hashtag Bitcoin in his Twitter bio, it sends Bitcoin up 10%,” says Leech.

This unpredictability is part of the reason why investing experts warn against investing huge amounts of your portfolio into a risky asset like crypto. Many recommend keeping your crypto holdings to less than 5% of your total portfolio.

For new investors, day-to-day swings can seem frightening. But if you’ve invested with a buy-and-hold strategy, dips are nothing to panic about, says Humphrey Yang the personal finance expert behind Humphrey Talks. Yang recommends a simple solution: don’t look at your investment.

“Don’t check on it. That’s the best thing you can do. If you let your emotions get too much into it then you might sell at the wrong time, make the wrong decision,” says Yang.

This is the traditional “set it and forget it” advice that many traditional long-term investors follow. If you can’t get on board, and the extreme dips continue to cause you worry, then you might have too much riding on your cryptocurrency investments. The most important thing any investor can do, whether they are investing in Bitcoin or stocks, is not just to have a plan in place, but to also have a plan they can stick with,” says Douglas Boneparth, a CFP and the president of Bone Fide Wealth. “While buying the dip might be attractive, especially with an asset that you really like, it might not always be the best idea at the moment.”https://www.google.com/amp/s/time.com/nextadvisor/investing/cryptocurrency/latest-crypto-news/amp/

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