Launching the First XRP, HBAR, & Litecoin Spot ETFs! with Steven McClurg

Nov 13, 2025

Steven McClurg, CEO of Canary Capital and a seasoned ETF manager, dives into the launch of crypto spot ETFs for XRP, HBAR, and Litecoin. He shares insights on the crypto ETF market's future and the U.S. Treasury's recent approval of staking in ETFs. Steven emphasizes why Canary chose these specific altcoins, discussing their unique use cases and potential. Additionally, he compares Digital Asset Treasuries to ETFs, explaining why ETFs offer superior exposure. The conversation also touches on traditional finance's shift towards tokenization and the evolving landscape of crypto investments.

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INSIGHT

Staking Needs Tax Certainty

Canary had already solved staking treatment inside a grantor trust and awaits formal tax guidance to scale staking within ETFs.
Clear IRS/Treasury guidance will unlock broader institutional appetite for staking-enabled ETPs.

ADVICE

Prepare For Staking, Await Guidance

Prepare staking-capable ETF legal structures now but wait for authoritative IRS/Treasury guidance before marketing to institutional investors.
Use formal tax opinions to increase institutional confidence and inflows.

INSIGHT

Basket ETF On Hold

Canary filed a crypto index/basket ETF but paused progress during the government shutdown and awaits SEC comments.
Basket products can move quickly once normal regulatory review resumes.

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