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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...

The comments from the hosts of lawyers comes as Judge Victor Marreo said that Dapper Labs’ NBA Top Shot Moments NFT may constitute a security. Blockchain Association’s chief legal officer says “it would be absurd ” for a United States court to rule that digital assets on private blockchains are securities , following a federal judge's decision to allow a lawsuit against Dapper Labs's NBA Top Shots NFTs to play out.  U.S. attorney Jake Chervinsky made the comment after federal judge Victor Marreo denied a motion to dismiss a 2021 lawsuit that accused Dapper Labs of selling nonfungible tokens (NFTs) as unregistered securities. Chervinsky was among a host of lawyers on Twitter to reiterate that the judge’s denial of the motion does not mean a ruling has been made on the lawsuit, only that it was “facially plausible.” “The judge didn't decide anything. He allowed the case to proceed past a motion to dismiss because the securities claims were at least ‘plausible,’ an extremel...