Former Citi executives set up startup to issue Bitcoin securities that do not require regulatory approvals

Sina Financial News Speculation about whether regulators will release Bitcoin ETFs heats up as a group of former Citigroup executives plan to issue the oldest Crypto Assets-backed securities, which they say do not require approval from U.S. regulators. The new product, called Bitcoin Depositary Receipts, will be similar to American Depositary Receipts, which represent foreign stocks. Receipts Depositary Corporation (RDC), a startup formed by former Citigroup executives, said it plans to issue the first Bitcoin depositary receipts to qualified global institutional investors, which would be exempt from registration under the Securities Act of 1933. The issuance of the securities, known as BTC DR, will allow institutional investors to invest in Bitcoin securities through a regulated market infrastructure in the United States, and the transaction will be cleared through a depository trust company (DTC), according to a press release issued by RDC.

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