A group of former Citigroup Inc. executives, along with Franklin Templeton, BTIG, and Broadhaven Ventures, are set to offer securities backed by Bitcoin that they claim do not require approval from U.S. regulators.
As the debate and anticipation surrounding the approval or denial of spot Bitcoin ETFs intensify, the executives’ efforts look at an alternative approach to providing exposure to BTC.
Bitcoin Depositary Receipts to Offer Access to Bitcoin Securities
The new product, Bitcoin depositary receipts (BTC DRs), functions similarly to American depositary receipts, representing foreign stocks.
The innovation comes from Receipts Depositary Corporation (RDC), planning to issue the initial Bitcoin depositary receipts to qualified global institutional investors via transactions exempt from Securities Act of 1933 registration requirements.
RDC’s BTC DRs aim to offer institutional access to Bitcoin securities within the U.S. regulated market infrastructure and clearance through the Dep
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