Receipts Depositary Corporation (RDC), a startup founded by former Citigroup executives, plans to offer securities backed by Bitcoin that do not require approval from US regulatory agencies. The newly issued product is called Bitcoin Depositary Receipts and will be similar to American Depositary Receipts representing foreign stocks. The company plans to issue the first batch of Bitcoin Depositary Receipts to qualified global institutional investors who meet the exemption requirements of the Securities Act of 1933.