Onramp Launches Spot Bitcoin Trust With Multi-Party Custody

Fibo Quantum

When asked whether Onramp would need Securities and Exchange Commission approval to start the redemptions, and if so why the regulator would approve the plan, Tanguma responded: “It does not require formal approval because bitcoin is a commodity as per the [Commodity Futures Trading Commission], not a security. With that, Onramp does plan to work with securities lawyers to get opinion letters in place to reduce the 12-month lock-up period for redemptions, and will work with all regulators to make sure Onramp stays compliant in all jurisdictions where it offers its services.”

Wood Profits Banner>