Citigroup (NYSE:) and Morgan Stanley (NYSE:) step into crypto
According to Business Insider sources, Citigroup has developed a new product, the Digital Asset Receipt, that will allow American Institutional investors the ability to invest in cryptocurrencies. It’s similar to the American Deposit Receipt (ADR), a mechanism that allows US investors to hold foreign stock not listed in America, by means of a third party holding the stock and releasing receipts. Citigroup is one of the largest ADR issuers in the world, operating products since 1928.
And according to Bloomberg, Morgan Stanley is building its own derivatives product that would allow synthetic exposure to for its clients. Earlier this year, they poached Credit Suisse’s top Bitcoin expert, Andrew Peel, to strengthen their ability for future products.
In the same week, in a Cryptovest interview, a former Goldman Sachs (NYSE:) trader criticized the firm for allegedly spreading false information that led to the recent market crash.
SEC flexes its muscles in a busy week
The SEC temporarily suspended two ETN products from the US market, Bitcoin Tracker One and Ether Tracker One, which are traded on the Swedish NASDAQ exchange, for 12 days until September 21st due to confusion amongst the market participants.
Also this week, the SEC initiated its first…
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