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.”
Source: https://www.coindesk.com/tech/2023/04/14/onramp-launches-first-spot-bitcoin-trust-with-multi-party-custody/?utm_medium=referral&utm_source=rss&utm_campaign=headlines