CITI ALUMNI-FOUNDED STARTUP TO OFFER BITCOIN SECURITIES THAT DON'T NEED GREEN LIGHT FROM SEC

Summary from the TLDR Crypto newsletter

A former group of Citi executives is planning to offer Bitcoin-backed securities, bypassing the need for SEC approval. The venture, Receipts Depositary Corp., will offer depositary receipts that will give institutional investors direct ownership of the digital assets. This approach aims to meet the needs of investors seeking Bitcoin investments not fully addressed by a possible spot ETF.