Originally Published in the Wall Street Journal 

If Calvin Coolidge’s observation that “advertising is the life of trade” remains true, the new bans by Google and Facebook on cryptocurrency ads threaten the fledgling industry’s existence. Coolidge in a 1926 address hailed advertising for spurring competition, but today these two companies control a large chunk of the digital-advertising market. A company or industry that has been shut out by Google and Facebook will find it nearly impossible to reach an internet audience.

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