CoinDesk Podcast Network Does The Future of Crypto ETPs Belong to Altcoins? | Markets Outlook
Nov 20, 2025
Steven McClurg, CEO of Canary Capital and a pioneer in crypto ETFs, dives into the evolving landscape of crypto ETPs. He discusses the recent positive regulatory shifts that have opened doors for innovation. McClurg highlights how generic listing standards have expedited filings, providing a first-mover advantage. He shares insights on the success of their XRP ETP launch, driven by high demand. Looking ahead, he forecasts a surge in altcoin and meme coin ETPs, while analyzing potential successes and challenges.
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Regulatory Tailwinds For Crypto ETPs
- The SEC has shifted from resistance to embracing crypto innovation under Gary Gensler's successor and the broader DC environment change.
- Steven McClurg says this shift created regulatory tailwinds that enable faster product approvals and safe harbors for innovation.
Generic Listing Standard Accelerated Approvals
- The introduction of a generic listing standard sped up approvals that historically took years.
- David LaValle highlights the unusually fast implementation compared to the six-year norm for ETF listing rules.
Years Of Engagement With The SEC
- Steven McClurg recalls meetings with the SEC dating back to 2017 where staff were curious and constructive about custody and counterparty risk.
- He attributes delays to political pressure rather than lack of regulatory willingness to understand crypto.
