Former Citigroup Executive Plans to Issue Bitcoin Depositary Receipts Without SEC Approval

According to its press release, RDC plans to issue the first batch of BTC DR to Qualified Institutional Buyers (QIB) in the coming weeks, without the need for registration under the Securities Act of 1933. BTC DR follows the same structure as American Depositary Receipts (ADR), operating within the regulated market infrastructure in the United States and clearing through the Depository Trust Company (DTC). The product has obtained securities identification numbers (CUSIP and ISIN).