Franklin Templeton-backed RDC plans bitcoin securities exempt from SEC registration | Headlines | News | CoinMarketCap
01/04/2024 20:20
Amid speculation surrounding the Securities and Exchange Commission’s potential approval of spot bitcoin exchange-traded funds in the United States, …
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Published on January 04, 2024 13:02 GMT+00:00edited on January 04, 2024 13:04 GMT+00:00
Amid speculation surrounding the Securities and Exchange Commission’s potential approval of spot bitcoin exchange-traded funds in the United States, Franklin Templeton-backed Receipts Depositary Corporation plans to launch a bitcoin-based security product exempt from SEC registration.
The firm said the depositary receipts are exempt for qualified institutional buyers under the U.S. Securities Act of 1933. It expects to issue the first BTC DRs to such investors in the coming weeks. Qualified institutional buyers are financially sophisticated entities, like banks and investment firms, with significant assets — allowing them to trade securities that may not be registered with the SEC.
RDC, which also has backing from BTIG and Broadhaven Ventures, added that the BTC DRs follow the …