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 Planet Daily News Canary Capital has submitted multiple altcoin ETF applications intensively. The community believes that this practice may be a gimmick and marketing method. In response, the fund's CEO Steven McClurg refuted that all applications are well-thought-out and early bets hope to gain 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 is because the US Securities and Exchange Commission officials publicly stated that NFT and Meme coins should not be classified as securities. Steven McClurg added: "If it is a large company like BlackRock, it can take risks, but small companies like Canary Capital must be very cautious with time and money. I think many ETF proposals may be approved next year." (Cryptoslate)