A group of former Citigroup executives plan to offer bitcoin-backed securities that do not require approval from the US Securities and Exchange Commission (SEC).
Former Citigroup Inc. executives have established a startup offering securities backed by Bitcoin that they say do not need SEC approval.
No SEC Blessing Needed
A group of former Citigroup executives plan to offer Bitcoin-backed securities that do not require SEC approval. In a press release, the startup, named “Receipts Depository Corporation (RDC),” said it aims to address the institutional desire for bitcoin investments that they may not receive from spot BTC exchange-traded funds (ETFs).
Bloomberg explained that RDC will offer institutional clients Bitcoin depository receipts similar to American depositary receipts (ADRs) that represent foreign stocks.
RDC’s press release states, “…BTC DRs operate within US-regulated market infrastructure and are cleared through The Depository Trust Company (DTC).”
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