After Launching the First XRP ETF this Firm is Filing for More Altcoin ETFs | Steven McClurg

**Tony Edward** (0:05)
Hey, folks, we are recording at the Injective Policy Summit in Washington, DC. And joining me is Steven McClurg, who is the CEO of Canary Capital. Steven, great to see you.

**Steven McClurg** (0:15)
Thanks for having me.

**Tony Edward** (0:16)
We've spoken over the years, virtually, it's great to be doing this in person with you. What's the latest and greatest with Canary Capital?

**Steven McClurg** (0:22)
Yeah, well, I think what we're really excited about is, first of all, coming out of Crypto is going to be a big winner. But second of all, we've already launched five crypto-related ETFs, and we've got several more on the docket, and we hope that they launch this year. So we're going back and forth to the SEC on S1s, as we normally do, and any day now or month now, we'll have more in the market.

**Tony Edward** (0:48)
Are you able to state which assets those are for?

**Steven McClurg** (0:50)
I mean, I can say what we have filed. You know, we've got a Tron ETF filed, an Injective one, Pepe, which I think, you know, which I'm pretty excited about, Pingu, you know, my two favorite memes. So, but those are the ones that, you know, that we have on file that are progressing quite nicely.

**Tony Edward** (1:13)
I remember when we last spoke, it was around the launch of the XRP ETF, which has been your top performers.

**Steven McClurg** (1:20)
Yeah, so for us, XRP has probably been the best one.
We were able to get out and launch that first, which is pretty meaningful in the ETF market. So we actually, our XRP ETF was the biggest ETF launch last year, which we were very proud of because we're a brand new company, we're small, and we came out with the biggest ETF. So it had about 250 million day one. So very excited about that.

**Tony Edward** (1:55)
That's awesome, congrats on that. And then what is the feature of ETFs look like for you, and what are Canary's plans? Are you planning to do index ETFs, and maybe bring some of the traditional asset ETFs to crypto?

**Steven McClurg** (2:08)
Yeah, well, I mean, look, we still have plans for single token ETFs. We've filed for and have discussed doing other indexes.
We want to make sure that there's a really good theme before we go forward and launch something like that. So we're holding off there. We know a lot of other people are doing indexes, but that's where we're holding off. And we're also looking at other jurisdictions that don't currently have crypto ETFs, such as Japan and Korea.

**Tony Edward** (2:38)
Wow, that's fascinating that they don't have that as yet. So you already have the model here in the United States. You can easily take it to other jurisdictions.

**Steven McClurg** (2:45)
Yeah, that's right.

**Tony Edward** (2:46)
Oh, wow. And I'm assuming there's demand there.
I keep up with the news as best as possible. I see South Korea, Japan, they're very interested in altcoins and things like that.

**Steven McClurg** (2:57)
Yeah, their regulations currently don't allow them to have crypto ETFs at the moment. But the politicians in both of those countries are very keen on allowing it because they don't want to see their money going offshore.

**Tony Edward** (3:11)
That makes sense. One of the things I've been thinking about, Steve, is that China, they historically have been anti-crypto, although they're warming up. But in Hong Kong, jurisdiction, they control, they allow ETFs.
Could that wrapper help preserve their capital flight worries in mainland China, you think?

**Steven McClurg** (3:31)
Yeah, I think so. It's very difficult to move money in and out of China in general, including Hong Kong. So the wrappers that exist in Hong Kong certainly allow a vehicle for Chinese investors to trade or to invest.
So, you know, and I do see Korea and Japan looking at that model and saying, yeah, you know, that's a great way to keep money on shore. So we probably want to do something similar.

**Tony Edward** (3:59)
Yeah, absolutely.
Do you, what are your thoughts on, let's say, the Clarity Act passes. What impact that may have on ETFs? Do you expect more inflows because people, those who may be on the sidelines, we have more confidence. It's the rule of law that's in place for this asset class.

**Steven McClurg** (4:15)
You know, I really don't, you know, and I'm the 1% that doesn't think it matters. So I don't think Clarity, you know, I think the Clarity Act is largely symbolic. I don't really think it has a whole lot of an impact on my business or ETFs in general.