Citigroup alumni to offer BTC securities without SEC’s approval
Former executives of Citi group Inc. will offer Bitcoin (BTC)-backed securities . According to a Bloomberg report published on Jan. 4 former Citigroup executives will offer BTC-backed securities that they say do not need approval from US regulators. The brazen move will see the issuer startup what is known as a “Receipts Depositary Corporation, or RDC. The securities will be Bitcoin Depositary Receipts that function similar to American Depositary Receipts representing foreign stocks. According to the company, the BTC DR offering will provide institutions with access to securities through the US regulated market infrastructure and will be cleared through Depository Trust Co. The key difference from a Bitcoin ETF will be that depositary receipts offer direct ownership of BTC to qualified institutions, which RDC says will be the first of its kind to do so. You might also like: Survey: Approval of Bitcoin ETF could boost investment from non-crypto users According to the is...