Canary CEO refutes the launch of altcoin ETF as disguised advertising: early bets can gain first-mover advantage, and some applications are expected to be approved next year

Odaily News Canary Capital has intensively submitted multiple altcoin ETF applications. The community believes that this practice may be a gimmick and marketing method. In response, the fund's CEO Steven McClurg countered that all applications were well-considered and early bets were made in the hope of gaining first-mover advantage. For example, HBAR is a relatively stable token and market demand has not yet attracted the attention of other ETF issuers. The application for PENGU ETF was because officials of the U.S. Securities and Exchange Commission publicly stated that NFTs and Meme coins should not be classified as securities.
Steven McClurg added: "If it's a big company like BlackRock, they can take the risk, but a small company like Canary Capital has to be very careful with its time and money. I think a lot of ETF proposals may be approved next year." (Cryptoslate)