Canary Capital’s CEO Steven McClurg has made a bold statement regarding XRP, declaring it as the second most famous crypto on Wall Street. This came as he made a case for why the XRP ETFs could record significant demand once they launch.
Canary CEO Makes Bullish Case For XRP
During an interview with Paul Barron, McClurg opined that XRP is probably the most well-known on Wall Street and in finance circles after Bitcoin. He added that Ethereum is likely the number three on the list despite being the second-largest altcoin by market cap.
The Canary CEO made this comment in response to a question about whether the XRP ETFs could outperform the Ethereum ETFs once they begin trading. He also doubled down on his prediction that these XRP funds could record up to $5 billion in inflows in their first month, outperforming the ETH funds in the process.
However, McClurg also admitted that macro factors and the current state of the economy would also impact the performance of these funds when they launch. Commenting on the macro, he opined that the Fed should have cut rates a long time ago, but believes that they will finally cut interest rates at the September FOMC meeting.
Meanwhile, it is worth noting that Canary Capital is one of the asset managers that have filed with the SEC to offer an XRP ETF. The firm recently filed an amended S-1 form for its XRP fund, although the SEC has already delayed its decision on the fund until October 23, when it must approve or disapprove the proposed rule change to list and trade shares of the fund.
Like McClurg, market expert Nate Geraci is also one of those who believe that the XRP ETFs will record significant demand once they begin trading. He alluded to the demand that the CME XRP futures and futures-based ETFs are currently recording as the reason why the spot funds could enjoy greater success.
The Funds That Could Launch This Year
During the interview, Steven McClurg also opined that the XRP, Solana, Litecoin, and Hedera funds are the ones that could launch this year. He noted that everything depended on the SEC, but made this opinion based on the proposed generic listing standard for ETFs.
He further alluded to the opinions that the XRP ETFs are in a good position to gain the SEC’s nod, considering that the top crypto exchange, Coinbase, already offers XRP futures. The CME also offers regulated XRP futures products, which was one of the major reasons the previous SEC administration approved the Bitcoin and Ethereum ETFs.
Meanwhile, the Canary CEO acknowledged that other crypto funds may not receive approval from the SEC until next year. It is worth noting that Canary Capital is one of the asset managers with the highest number of crypto ETF filings.
In addition to XRP, Solana, Litecoin, and Hedera ETF filings, the asset manager has also filed for PENGU, TRX, INJ, AXL, SUI, SEI, and Trump coin ETFs. It also filed for an ‘American-made Crypto ETF,’ which will be a crypto index fund that will invest in several coins that have ties to the U.S.
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Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand.
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