Youtube banning cryptocurrency channels

[jim bell]

https://news.bitcoin.com/was-youtubes-christmas-crypto-purge-illegal/

[partial quote follows]
 
Was Youtube’s Christmas Crypto Purge Illegal?



This article considers the legal implications of Youtube’s notorious purge of crypto channels on Christmas Eve. What legal context induces Youtube and other social media giants to operate as they do? The article does not explore whether it is morally proper to terminate a contract without cause or explanation and to threaten people’s livelihoods; it is not. Nor are political implications, such as Youtube’s liberal bias, discussed. The legal factors context surrounding Google’s Youtube purge are important. Users should know what is happening and why.

What Happened?

On Christmas Eve, Bitcoin.com contributor Graham Smith warned, “At least six crypto Youtube channels have reported in recent hours that their content is being removed under the site’s ‘harmful and dangerous’ policy, with one popular channel claiming Youtube pointed to a ‘sale of regulated goods’.” The purged channels received no warning, no plausible explanation. Presumably, the “harmful and dangerous” policy so vaguely referenced by Youtube was an alleged violation of Section 17(b) of the Securities Act of 1933.

It shall be unlawful for any person … to publish, give publicity to, or circulate any notice, circular, advertisement, newspaper, article, letter, investment service, or communication which, though not purporting to offer a security for sale, describes such security for a consideration received or to be received, directly or indirectly, from an issuer, underwriter, or dealer, without fully disclosing the receipt, whether past or prospective, of such consideration and the amount thereof [italics added].

The original purpose of Section 17(b) was to make it illegal for anyone to promote a stock without disclosing any consideration they may have received from an issuer, underwriter, or dealer in the stock.


The Christmas Purge is not the first time Google has removed crypto material. In June 2018, Google followed Facebook’s lead in banning crypto-related advertising. CNBC reported, “Even companies with legitimate cryptocurrency offerings won’t be allowed to serve ads through any of Google’s ad products, which place advertising on its own sites as well as third-party websites.” The legality of crypto and the reputation of the advertiser were irrelevant. Three months later, Google’s outright ban ended, but a new policy was instated. Forbes explained, “regulated cryptocurrency exchanges” could “buy ads in the U.S. and Japan … Ads for initial coin offerings (ICOs), wallets, and trading advice will remain banned … with the updated policy applying to advertisers all over the world, though the ads will only run in the U.S. and Japan.” The stated reason for the ban and restriction was a desire to shut down illegal activities connected to crypto for which Google could have been liable.
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