$2,000 Tariff Checks Sparking Altcoin & ETF Surge?🚀Canary Capital CEO Steven McClurg

President Donald Trump, embattled by America’s growing affordability problems, has once again floated a unique solution: Sending Americans rebate checks for the tariffs that his administration has collected. “People that are against Tariffs are FOOLS!” Trump posted on Truth Social Sunday. “A dividend of at least $2000 a person (not including high income people!) will be paid to everyone.” It’s a bold promise with several significant complications.

~This Episode is Sponsored By Coinbase~
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Guest: Steven McClurg, CEO of Canary Capital 
Canary Capital website ➜ https://bit.ly/CanaryETF

00:00 Intro
00:10 Sponsor: Coinbase
01:00 XRP ETF this week?
01:30 Why is XRPC better than competitors?
05:15 SOL ETF vs XRP ETF
07:15 When Sui ETF?
09:50 Sui ETF predictions
11:15 Stimulus check rally incoming?
14:45 Thoughts on Cathie flippy flop?
16:15 $140K Bitcoin this year?
17:15 Will market crash if clarity act doesn't pass?
19:00 Market crash if republicans don’t vote for ACA subsidies
20:30 Fed impact in December
22:45 Outro

#Crypto #Bitcoin #Ethereum
~Shutdown Over!... But Chaos Continues🔥Crypto Market Update~
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Episode Transcript

Speaker 1 (00:00):
Let's dive into maybe an all coin season. Starting to
correct here xrpetf's launching, and of course Trump is announcing
a stimulus check. All of that will break it down
for you. It's going to be a good one. Before
we get started, I do want to thank our sponsor,
and that is Coinbase a great place for you guys
to get into crypto, maybe.

Speaker 2 (00:16):
For the first time.

Speaker 1 (00:17):
And by the way, we have a lot of brand
new viewers that are coming out of the channel. I
know you guys are thinking about crypto, maybe getting into
digital assets. Coinbase is the spot for you.

Speaker 2 (00:27):
All you have to do is, of course, use our link.

Speaker 1 (00:29):
You're going to get up to two hundred bucks to
get involved there and you can earn up to two
thousand when you buy your first fifty bucks in crypto.

Speaker 2 (00:36):
So check it out.

Speaker 1 (00:37):
Use our link. It does help the channel. I'm going
to open up with Stephen mcclerk, who's coming in from
Canary Capital. You guys have seen Canary over the years
and months that we've talked to Stephen.

Speaker 3 (00:49):
How are you fantastic, Paul, how are you doing.

Speaker 1 (00:53):
So it's a big week for you, by the way,
you kind of have something going on.

Speaker 3 (00:58):
Oh, it's a huge week for us.

Speaker 4 (01:00):
We're very excited about the possibilities that we're seeing on Thursday.

Speaker 1 (01:06):
Yeah, all right, Well we're not talking in code here.
The reality is this bit wise Franklin Templeton, twenty one Shares,
Canary and coin Shares all getting the x r P
ETFs now listen on the DTC platform. That usually means
that we have something brewing on an ETF actually going alive,

(01:27):
and of course Canary Capital being one of them that
will go. Well, first of all, let's talk about XRPC.
Tell me a little bit of why this is better
than some of the others that are going to launch.

Speaker 2 (01:38):
Sell it to me, Sell it to me.

Speaker 4 (01:40):
Man, I'm involved, of course. Look, you know, we we've
we've been a we've been a big fan of x
RP for a long time, you know. I you know,
even during the even during the time when when when
Ripple was going through all of it, I would call

(02:01):
it persecution. They went through a persecution. They took one
for the team. And when I say the team, everybody
that's involved in crypto. A lot of the things that
they did and they fought for ended up playing out
to to be you know where we are today if
it wasn't for them, you know, fighting back against against

(02:23):
that persecution. So we've been right there alongside them with
them supporting them. They've they've they've supported us. I'm a
big fan of Brad Garland House. I'm a big fan
of that team, and uh, you know, we can't wait
to really, you know, get this thing out there and
to let the world have an.

Speaker 3 (02:42):
X r P E t F in the US.

Speaker 1 (02:44):
So you feel that right now that because I think
a lot of companies that have been with Ripple since
the beginning, or at least during the a lot of
their trials are being rewarded. You know, I'll mention a
handful out there I'll pull of course is in crazy
growth scale. Possibly Canary could be leading the charge in

(03:06):
terms of an x r P E t F and
a handful of other companies that have kind of recognized
Ripple as being one of the star warts of the industry.
You think that is going to be one of the
convincing factors of investors saying if I'm going to buy
an et F, it's going to be over here at Canary.

Speaker 3 (03:23):
Yeah.

Speaker 4 (03:23):
Look, I mean the reality is they're all good. I mean,
you know a lot of the issuers that are that
are that are doing this, they ETFs are a bit
of a commodity.

Speaker 3 (03:33):
I'll just be honest.

Speaker 4 (03:34):
It's you know, it's not going to make a huge
difference going from one or another. I think the big,
the big deciding factor for us is because you know,
we have been in the crypto space for a very
long time, our security is top notch and that's actually
probably you know, one of the few deciding factors on

(03:55):
this right because you know, we actually are responsible for
cyber secure and us moving coin from one exchange to
another or selling it and buying it into the market.
So security is probably probably the biggest factor, which which
we're really up to speed on. That's that's probably you
know where most of our team is cryptonative. We understand

(04:18):
the nuances, we understand flaws of the past, mistakes of
the past. You know, if you go back over the
last dozen or so years, you know, there's there's there's
a lot of issues that you have to overcome, and
we've seen it and we've avoided it. For instance, you
know ft X when it went down, we didn't have
a dime in FTX, so you know, We're pretty good

(04:40):
at evaluating software and exchanges and people that we work with,
and we feel like that we've we've done the best
that we can here.

Speaker 1 (04:48):
Well, I think security is and could be one of
the big differentiators out there at rates will be another one,
I think to a certain extent, you know, because there
will be competitive elements around that. When you look at
the flow that we've seen with Solana, the b sol
bitwise did a great job getting that one out on
the on the.

Speaker 2 (05:07):
Ground and absolutely crazy numbers.

Speaker 1 (05:11):
One of the best performing ETFs that we've seen so far,
especially in digital assets. How do you think these XRP
ETFs will perform against that?

Speaker 4 (05:20):
Yeah, I actually think that XRP will probably double what
Solana did in its first week and even today as
far as volume and as far as total aum. If
you just even look at the market caps of the
two tokens, xrps about fifty percent higher than Solana. But

(05:41):
the difference is and we experienced this with HBAR last
week or two weeks ago now, the h BAR ETF
experienced seventy million dollars in inflows just in the first
three days. And it's because it's really well known among
institution circuit circles enterprise investors. So even though it's not

(06:04):
a big retail product, it doesn't have a ton of volume,
it's got the right kind of interest. And that's how
XRP is. Solon is probably a little bit more of
a retail token. Xrpiece much more of a financial services
enterprise institutional token. And when you put that into an ETF,
even though it's only fifty percent more market capital'll probably

(06:25):
be one hundred percent or two hundred percent more inflows
because of the institutional weliance.

Speaker 1 (06:31):
Well, listen, the retail if you want to call it retail,
is looking forward on this right now. That's the XRPCHR
guys looking at the four hour with the likelihood of
being the top performer on the day, which is up
like seven percent right now comparison to say, just Bitcoin
up about one percent. Even if you compare it to Solana,
which just had their launch last week, currently up about

(06:54):
one point six. So maybe the market is starting to
gravitate toward XRP because of these ETF launches. Not that
necessarily that will move the token, but it will definitely
bring more awareness around XRP as a whole. What about
when you look at us, because I'm looking at some
other assets out there that have the potential for maybe
going next level, and the one I'm watching right now

(07:17):
is Sweet.

Speaker 2 (07:17):
This was a tweet by you three.

Speaker 1 (07:19):
Highest convictions light Coin stoci light we know about that.
Then you had Swee in here. Obviously we've had the
Sweet team on here coming in from Facebook, Evan and
his team and Vine and then injective protocol. What do
you think about a suite ETF would that work?

Speaker 3 (07:39):
Oh? Absolutely so?

Speaker 4 (07:41):
And maybe even to back up a little bit, just
to just to point out light Coin, there has been
a massive resurgence in the demand for privacy, total privacy.
Light Point just recently integrated a privacy feature via a
mimble wimble. So if you look at the charts, you're
seeing a narrow z cash both jump into the top

(08:03):
twenty in the last week. And white coin is also
benefiting from that resurgence in in in privacy tokens. Even
though it's not fully private, you can make your wallets
private and that so that's that's really starting to come in.
So so that's a big area right now that I
want to be watching. As far as protocols, Goh suite

(08:25):
and you know, in my opinion, is one of the
top points out there. I think, you know, it's already
it's already surpassed Ethereum as far as functionality. It's surpassed
Solana in my opinion as far as functionality goes. And
it's just a matter of time before it replaces Solana
as the next protocol token coming out. And you know, so, look,

(08:47):
I I've got I've got a lot of respect for
that team and what they're building, and they're doing it slowly, they're.

Speaker 3 (08:53):
Doing it right.

Speaker 4 (08:54):
It's not a big you know, VC pumping up like
some of these other ones are.

Speaker 3 (08:57):
It's it's it.

Speaker 4 (08:58):
They truly are building first and it's it's really amazing.
And then you go down the line to Injective, that's
sort of like the you know, to me, that's the
dark horse, It's it's a it's a it's a much
smaller market cap token. But they're doing everything right there.
Their team is very solid, they're not spending crazy money
on marketing. They're they're really building things. And one of
the really cool things that they're building right now is

(09:20):
actually some integrations with with with XRP Ledger.

Speaker 3 (09:23):
So I'm very excited to see that.

Speaker 1 (09:27):
Yeah, I'm looking at the four hour chart on injective.
It has come off the floor a little bit back
on the sixth, So nice a little move there. That
was a big statement that you're talking about Sui that
could possibly take over as one of the major protocols A.
Salona has a very good market position and has had

(09:47):
for quite some time. Beyond the team and what Sui
has done in general. Is there anything that kind of
draws you into the Sui network more importantly and that
you would say over Salona? Is it the gaming side
of it or is it something else?

Speaker 3 (10:05):
Well, and it actually came out of the gaming side.

Speaker 4 (10:07):
Is I don't know if we've talked about this, Paul,
but I actually worked at a video game company for part.

Speaker 2 (10:11):
Of my count Wow, okay, oh you.

Speaker 4 (10:13):
Were Yeah, I was a ea, you know I was.
I was there when we launched the very first mobile game.

Speaker 3 (10:22):
On the right.

Speaker 2 (10:24):
You're you're dating yourself here, Steve.

Speaker 4 (10:28):
Yeah, I took a little break from financial services and
enjoyed a video game company building, you.

Speaker 3 (10:33):
Know, for leading application. It was a lot of fun.

Speaker 4 (10:35):
But so I pay really close attention to to to
things that are built for games because it really is
mass adoption. I mean, that's that's what people care about.
Everybody plays games on their phone, yea at some point
in the day. But when when Sweet first came out
and it was really focused on that, I mean I
remember going back to Facebook Games and it's a lot

(10:55):
of the same team. So even though they haven't put
a massive focus on games recently, the technologies there and
they're utilizing that technology for other applications. So I really
care about things like speed, security, and uptime, and those
are the three areas where they've where they've really beat
out the Salona And if they're at now, Salona also

(11:17):
has a very they have a great team as well.

Speaker 3 (11:19):
I'm not you know, I'm not really you know.

Speaker 4 (11:22):
Trying to compare there, but but it really is it's
a it's a newer protocol that has all the elements
to be a you know, a really great network.

Speaker 1 (11:32):
Well, I think the key is execution, as it is
with many of these companies, partnership execution. I you know,
we keep thinking that Suh, He's going to do some
pretty crazy things in terms of big announcements, which we've
talked about and speculated around Pokemon and many of the
other things that could flow into that chain. So we're
definitely watching that one closely. I want to move over

(11:53):
to more of the macro side of things because if
you look at the all coin season right now and
you kind of compare in general to what's happening with
the potential of a Trump stimulus check. This of course
was Trump saying every American who isn't a high come,
high income earner is going to get two thousand, is
going to get two grand back in cash.

Speaker 2 (12:16):
So there was this statement right there.

Speaker 1 (12:18):
Including not including high income people, will be paid to everyone.
This could the last time we had stimulus like this,
We saw this go into the crypto markets. Uh, do
you think we'll see this going into trad crypto or
do you think they'll go into more of the dejon
crypto side, mean coins things like that.

Speaker 4 (12:40):
Well, look, you know, if I were to receive a
two thousand dollars stimulus check, it's going straight into DraftKings.

Speaker 3 (12:46):
That's why we do with it.

Speaker 4 (12:49):
But you know, but yeah, but that what that tells
you though, is you know, I'm an interesting case. But
but usually when people get found money like that, it's like,
I mean, are they are they going to save it
or are they going to buy grocery. Now, They're gonna
they're gonna invest it, they're gonna gamble with it, They're
going to.

Speaker 3 (13:10):
You know, take some risk with found money.

Speaker 4 (13:15):
It always happens, right, So what I think will happen
will It'll probably more benefit the trad side of crypto
because most people have access to you know, brokerage accounts
that they can trade in as opposed to you know
defy or exchanges.

Speaker 3 (13:33):
So anything that has an ETF around.

Speaker 4 (13:35):
It, I think will definitely benefit from these stimulus checks,
even more so than more more of the pure DeFi
side of things.

Speaker 1 (13:44):
You wouldn't go with like hey, I'm gonna put fifty
in trad and ETFs and maybe fifty pudge penguins.

Speaker 4 (13:53):
You know some people would do that, of course, but
but but look, it's it's all about access too, and
most people just don't have access to the ability to
buy pudgy penguins or invest in and DeFi.

Speaker 3 (14:07):
So really it's going to be through TraFi rails and
things that are probably a little bit more risk involible,
which would be crypto.

Speaker 2 (14:16):
Yeah.

Speaker 1 (14:16):
Well, and I think the scenario is the comparison to
back then, the last time we saw stimmy come through
and where we are today, because I think a lot
more people are either on robin Hood, maybe on Coinbase,
on traditional you know exchanges out there. They may not
be in the DeFi market, but you can get access
to a lot of this stuff out there. But also,

(14:38):
you know, you can be able to buy us some
ETFs out there, some high flying ETFs.

Speaker 2 (14:42):
So I understand, listen, understand su that too. That too.

Speaker 1 (14:48):
Let's talk a little bit more about where we could
see the issue with bitcoin because this is something that
we've talked about here on the show. Here recently, Kathy
Wood came out basically said, hey, we're we're reducing our
long term outlook for bitcoin by a significant amount. It
was three hundred K and this was the twenty thirty prediction.

(15:09):
When you look at what we're seeing right now. Well,
first of all, what were your thoughts on Kathy flip
flopping a little bit on this?

Speaker 3 (15:17):
I saw that as a sign of the bottom.

Speaker 4 (15:20):
So when you have high profile people adjusting their price
targets down because they've been in so much pain. And
it wasn't just Kathy, as several other people as well,
like Okay yeah, now we're at the bottom because now
you're seeing real capitulation and that could and sure enough,
when a lot of these new price targets came out,
whether twenty thirty or this year, yeah, you know, we

(15:43):
saw novocrats come out and kind of backstepped. Yeah maybe
it's like one twenty Okay, yeah, not Now we're at
the bottom. All this capitulation is gonna is really that sign?
So sure enough we're here we go and I do believe,
I mean, I'm still holding firm to my one forty
for the year twenty thirty.

Speaker 3 (16:02):
Who knows what happens?

Speaker 2 (16:03):
Yeah, yeah, five years old.

Speaker 1 (16:04):
Well, but I think she's you know, her positioning was
really built around stable coins as being one of the
arch nemesis, I guess overall, and if you look at
the growth that we've seen in a fairly significant town,
what are your thoughts in general about the market condition,
because you know, I've kind of talked about this one
forty being a bitcoin target for end of year. Who

(16:26):
knows what twenty twenty six will hold. Are you pushing
into twenty twenty six on the market in terms of
the next bulltop or do you feel like this could
still happen this quarter.

Speaker 4 (16:39):
You know, it's one of those things where I'll you know,
you'll know it when you see it. I'm not certain
if we hit a top in November or January or
February or even December, but I think we will know
it when we see it. It does seem that things
were delayed a little bit this year versus other years.
But but again, you know, if you look at every

(16:59):
four your cycle, the top is in a different month,
it's not going to be you know, an exact science
of saying, well, Okay, it's going to happen every October,
it's going to happen every December.

Speaker 3 (17:08):
So it is possible that this gets pushed out a
little bit.

Speaker 4 (17:12):
But but yeah, it's kind of hard to say now
when that's going to be, but we're certainly bullish in
them up in November.

Speaker 1 (17:21):
Do you think that the Clarity Act slow down potential
could cause us to see another crash if we see
Clarity get.

Speaker 2 (17:29):
Pushed into twenty twenty six.

Speaker 1 (17:32):
I mean, because right now polymarket has this thing continuing
to decline in terms of probability for twenty twenty five.
Does that have any factor going into to the market.

Speaker 4 (17:43):
Don't I don't think it has a massive factor. I
do believe that it is a small contributor. But at
the same time, we have so much regulatory clarity now
under the new SEC, under the Trump administration. You know,
you've seen a lot of the lawsuits dismissed against some
of the exchanges, against Ripple, against some some other folks,

(18:06):
you know, cz getting pardon. I mean, these are really massive,
massive actions that prove out, you know, what what what
true clarity is. So and then and then of course
all the all coin ETFs that are that are that
are going out right now. I mean, you know they're there.
It's it's not it's not a complete free for all,

(18:28):
you know, I think I think some people believe that
that's the case. But it's not a complete free for all.
The SEC is not reviewing every application that comes in.
They are still holding off on some but but but
but I do think the clarity UH in the market,
or the regulatory clarity, not necessarily the clarity hack UH
is pretty firm and uh, anything in addition to that

(18:51):
will make it better.

Speaker 3 (18:52):
But but we're already in a great place. I don't
I don't think it'll hurt it.

Speaker 1 (18:57):
Okay, So government shutdown has been happening. Obviously the market
kind of take that on the chin. Likelihood though, is
we're going to see a government reopening, possibly this week
from the looks of it right now, at least early
in the week, So there are some indicators. But at
the same time, we could see another issue brewing in December,
which would be the Republicans voting on the ACA distributions.

Speaker 2 (19:20):
Would that be.

Speaker 1 (19:21):
Another factor that could diminish the opportunity here for a
run up on bitcoin towards end of year because that
would be in December.

Speaker 3 (19:30):
Yeah, I think it could.

Speaker 4 (19:30):
I mean, look, the economy already has a lot of cracks,
so it's the broad economy, not necessarily crypto that's in danger,
you know, I say it's not in danger, but there's
risk and anything that creates further cracks. I mean, even
the government being shut down, there's people that haven't been
getting paychecks, which means that they're not spending, which hurts

(19:54):
consumer confidence, which hurts retail sales, which hurts people getting paid.
There's been a lot of layoffs even Amazon ahead of
the Christmas season, which is really interesting to watch. So
it's it's it's going to be you know, I think
anything could certainly slow down the broader economy and broader

(20:16):
risk assets continuing to surge. Crypto is a bit behind
other risk assets right now, so we're probably going to
be in a big catchup phase in November. But outside
of that, I mean, we're watching the economy very closely
for further cructs. Employments important, inflation is important, and even

(20:36):
imports and exports are very important.

Speaker 1 (20:38):
What do you think comes in on all the data
that's been pent up in terms of kind of a
big release. Do you think we're going to see a
lot of negative impact on this in terms of data
flowing into the FED right now?

Speaker 3 (20:50):
I don't. I don't think it'll be a lot of
necessarily negative impact.

Speaker 4 (20:55):
What I think we're going to see the most of
is jobs data that forces the BED to cut rates
further in December. And look, if I was running the FED,
I would cut fifty basis points in December, you know.
And what people have to keep in mind, a lot
of people out there just think that you know, that
controls all rates, But right now we're still in an

(21:17):
inverted rate curve, which means that you're getting rewarded for
taking lower duration risk and higher duration risk because of
the way the curve is, and the FED really needs
to bring the lower into the curve back to a
level to where people are getting rewarded for risk in
a normal way. Right now that the fed's fund rate

(21:37):
is just artificially holding the short end of the curve up.

Speaker 3 (21:40):
But if they were to.

Speaker 4 (21:42):
Bring rates lower by fifty basis points, we'd have closer
to a normal curve and you might even see some
of the longer into the curve going up and rate,
which is which actually I think needs to happen.

Speaker 1 (21:52):
So what is your theory for December pause or do
you think we get a cut?

Speaker 4 (21:58):
Yeah, my theory for December is probably just another twenty
five basis point cut and which which won't be great.
But the other thing that the FED did too was
they've stated that they're going to pause unwinding the balance
sheet starting on December one. I actually think that that's
a that's a bad policy. I'd rather see. I'd rather
see two cuts in December and continuing on unwinding the

(22:20):
longer data assets.

Speaker 1 (22:23):
Yeah, okay, all right, man, we get a lot happening
here right now. Over the next few weeks. This is
going to be a very busy market going into the holidays,
and of course December could be lining up for some
interesting things, even if we are looming into another government
shutdown in January.

Speaker 2 (22:40):
If this acc thing doesn't come through, so lots happening.

Speaker 1 (22:43):
Steven will definitely have you back on to chat about that,
and I definitely want to see how the x rp
ETFs perform and we might bring you back on to
do a victory lab here a few weeks.

Speaker 3 (22:55):
I love that. Hopefully it's a victory lap.

Speaker 1 (22:58):
Let's let's let's hope for that, all right, Stephen's great
having you, Thanks for coming in today.

Speaker 3 (23:02):
Thanks Paul, you bet all right.

Speaker 2 (23:04):
You guys know what to do.

Speaker 1 (23:05):
Make sure and jump into the Diamond Circle is a
great place to get additional content from me. And if
you're not following me on x you can do that.
It's just at Paul Baron. We'll catch you next time
right here on the Paul Baron Show.