Onramp Launches Spot Bitcoin Trust With Multi-Party Custody

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.”