RDC, founded by former Citigroup executives, plans to launch XRP depository receipts without SEC approval

Odaily News Receipts Depositary Corporation (RDC), a startup founded by former Citigroup executives, plans to launch XRP-backed securities that will allow institutions to gain exposure to XRP securities through a regulated market infrastructure in the United States.
The company will offer depository receipts similar to American Depositary Receipts (ADRs), which represent foreign shares on U.S. stock exchanges. The product will be offered only to qualified institutional buyers through transactions exempt from registration under the Securities Act of 1933. As such, it does not require approval from the U.S. SEC. The securities will be cleared by the Depository Trust Company (DTC), similar to the bitcoin and ethereum-backed securities already offered by RDC. (CoinDesk)
Last January, Receipts Depositary Corporation (RDC) announced plans to offer securities backed by Bitcoin, saying such securities do not require approval from U.S. regulators. RDC's new product is called Bitcoin depositary receipts, which will be similar to American depositary receipts representing foreign stocks.
RDC said the offering, called BTC DR, will allow institutions to acquire bitcoin securities through a U.S.-regulated market infrastructure and clear through the Depository Trust Co. According to its press release, RDC is backed by Franklin Templeton, BTIG and Broadhaven Ventures.