Solana

Nice

Brazil’s financial landscape continues to evolve as its securities regulator, Comissão de Valores Mobiliários (CVM), has&nbsp;<a style="text-decoration:none" href="https://cvmweb.cvm.gov.br/SWB/default.asp?sg_sistema=fundosreg" rel="noopener noreferrer nofollow">approved</a> its second Solana exchange-traded fund (ETF) this week.&nbsp;
The newly approved Solana ETF will be managed by Hashdex, a well-established asset manager in Brazil with $962 million in assets under management (AUM). The fund, currently in its pre-operational phase, represents another milestone in Brazil's embrace of digital assets.&nbsp;
&nbsp;
Hashdex, known for its previous launches, including ETFs based on Nasdaq Crypto Index, Bitcoin, and Ethereum, is partnering with local investment bank BTG Pactual for this venture.
<h2 dir="ltr" id="span-span-u-s-market-faces-hurdles-span-span">U.S. Market Faces Hurdles</h2>
In contrast, the path to approving a Solana ETF in the United States remains filled with obstacles.&nbsp;
&nbsp;
Recent developments indicate a lack of progress in this area. Sources familiar with the situation have&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/sec-halts-submission-of-19b-4-form-for-solana-etf-amid-security-classification-concerns" rel="noopener noreferrer nofollow">revealed</a> that the U.S. Securities and Exchange Commission (SEC) rejected the 19b-4 filings for Solana ETFs submitted by VanEck and 21Shares. This rejection was a key factor in the removal of these filings from the Cboe BZX Exchange.
&nbsp;
Solana is currently classified as a security by the SEC, complicating its approval process for an ETF in the U.S.&nbsp;
&nbsp;
However, Matthew Sigel, VanEck’s Head of Digital Assets Research,&nbsp;<a style="text-decoration:none" href="https://x.com/matthew_sigel/status/1825979323871859065" rel="noopener noreferrer nofollow">expressed</a> a belief that Solana should be classified as a commodity rather than a security. Sigel’s perspective is informed by evolving legal views that distinguish between how crypto assets function in primary and secondary markets.
&nbsp;
Meanwhile, Bloomberg ETF analyst Eric Balchunas has suggested that the chances of approval in 2024 are slim, with the likelihood of a breakthrough in 2025 also being low if Kamala Harris wins the US Presidential election.&nbsp;
<div>
 <blockquote class="twitter-tweet">
 Nice flow chart showing how the Solana ETF filings never made it past Step 2 (the SEC failed to ack them) = DOA. So the exchanges withdrew 19b-4s altho the issuers' S-1s are still active. A snowball's chance in hell of approval unless there's change in leadership via <a href="https://twitter.com/JSeyff?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@JSeyff</a> <a href="https://t.co/e8BNKT33KH" rel="noopener noreferrer nofollow">pic.twitter.com/e8BNKT33KH</a>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1825919807440458196?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 20, 2024</a>
 </blockquote>
</div>

Brazil Approves Second Solana ETF While U.S. Approval Remains Uncertain

Table of Contents

BSCN

Other articles published on Aug 29, 2024

Crypto.com Users in the US Can Now Buy Cryptocurrency Using PayPal

OpenSea CEO Devin Finzer challenges the SEC's crackdown on NFTs

Massive Whale Trades on Binance: This Altcoin Sold Big – $20 Million in Unrealized Losses

Asia’s Kaia Blockchain Launches On Mainnet Aiming To Connect Millions To Web3 Services

Massive ETH Sales Trigger 23.5% Drop as Ethereum Foundation and Whales Move $599M

‘The Quantum Apocalypse is coming’ — decoding Meta’s weird warning

Join our free newsletter for daily crypto updates!