The innovative start-up, Receipts Depositary Corporation (RDC), brings together a talented team of former Citigroup executives. The novel investment instrument will be available in the form of American depositary receipts, enabling ownership of foreign assets not featured on the domestic stock market.
Assuring interested parties of unrestricted access to BTC-denominated securities via a regulated market infrastructure, the company emphasizes that the launch of Bitcoin receipts (BTC DR) does not necessitate approval from the US Securities and Exchange Commission (SEC).
“In contrast with Bitcoin ETFs, which fall under SEC regulations, depositary receipts are outside the scope of the Securities Act of 1933, while providing qualified investors with Bitcoin ownership without requiring direct asset purchase. Broadridge Corporate Issuer Solutions will serve as the transfer agent, while the National Association of Digital Banks of Anchorage will handle Bitcoin custody,” clarify the brainchild’s creators.
Previously, Matrixport analyst Markus Thielen conjectured that the US Securities and Exchange Commission would likely reject proposals to launch spot Bitcoin ETF trading.