A group of former Citigroup executives plans to offer bitcoin-backed securities they say don't need to be approved by the U.S. Securities and Exchange Commission (SEC). Receipts Depositary Corp. (RDC) will offer depositary receipts similar to the American depositary receipts (ADRs) that represent foreign stocks on U.S. equity exchanges. The "BTC DRs" will be offered to institutions and cleared through the Depository Trust Company (DTC), according to a press release on Thursday. RDC will offer bitcoin depositary receipts to investors in transactions exempt from registration under the Securities Act of 1933. The offering will start in the coming weeks, according to the statement.
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