Market update: Google says no to crypto

Changes at leading companies have a ripple effect in the markets

This week, Google, the world’s largest online ad provider, announced a ban on ads for cryptocurrency and other risky financial offerings. Google is trying to protect consumers from scams and excessive risk — the same goal we have here at MoneyLion.

MoneyLion Plus portfolios are invested in four Vanguard ETFs (VTI, VXUS, BND, and BNDX) to help members grow their money steadily over time while minimizing large swings. Highly unregulated cryptocurrencies are absolutely not part of that equation.

Google’s announcement follows a similar ban by Facebook, the second largest online ad provider. After both announcements, Bitcoin prices dropped as the market reacted.

On Wednesday, Congress held its first-ever hearing on cryptocurrency, opening the discussion on priorities, concerns, and goals. The discussion concluded with a commitment to find a balance between oversight and technological innovation. Sounds easier said than done! It may take years to see how this industry plays out.

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