JUST IN: Former-Citi execs are launching #Bitcoin Depositary Receipts, which are securities backed by Bitcoin that do NOT need SEC approval - Bloomberg
hard to imagine the above board use case here. DRs are custodians that serve as pathways to other jurisdictions that you cannot otherwise access. Bitcoin is not jurisdictional, and where it is illigal to own outright, the DR would not fix that unless the trust originates in your juristiction. So is this just a play on future EO 6102?
Ross Stevens I believe mentioned he’s been looking at and striving bitcoin since 2014.
Also consider the on-ramp exchanges and suits on social media that changed to more Bitcoin focus.
They’re still suits not the suits you want them to be.