Senate Banking Committee Chair Sherrod Brown (D-OH) claimed on Tuesday that Super Bowl ads prove that cryptocurrency isn’t real.

Sunday’s Super Bowl featured crypto commercials from companies such as FTX.

During a committee hearing about stablecoins, Brown said:

The fact that these companies felt the need to advertise at all is a bit of a giveaway about one of their major claims: That 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. Watching those ads reminded a lot of us of some asset bubbles we’ve seen before.

[The] 2000 Super Bowl featured 21 ads from 14 different dot com startups. The Internet may have been the next frontier, but these companies surely weren’t. Many of them were defunct within a year or two. Only four from those 14 are still around. We’re here today because once again real people’s real money is at risk. We need to look beyond the unproven promises, protect Americans and our entire financial system.

According to Coinbase, “A stablecoin is a digital currency that is pegged to a “stable” reserve asset like the U.S. dollar or gold. Stablecoins are designed to reduce volatility relative to unpegged cryptocurrencies like Bitcoin.”

Watch above.

The post Senate Banking Chair Says Super Bowl Ads Prove Crypto Isn’t Real: The Fed Doesn’t Buy ‘Multimillion Dollar Commercial for US Dollars’ first appeared on Mediaite.

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