Brazil’s Securities and Exchange Commission has approved a spot Solana ETF, leading to a 20% surge in SOL’s price shortly after the news. This approval comes right after the final court judgment in the SEC vs Ripple case.
Solana has made a new achievement by getting ETF approval in Brazil. The Brazilian Securities and Exchange Commission (CVM) approved the ETF application from investment firm QR, which will be managed by Vortx. This means a spot Solana ETF is now officially set to launch.
Solana’s Market Surge Following Brazil’s ETF Approval
The approval of a Solana ETF in Brazil had a noticeable impact on SOL’s recent performance. The cryptocurrency surged by 10.72% early on Thursday, continuing its recovery from the recent market crash.
The approval led to a significant increase in Solana’s market capitalization. During Thursday’s Asian trading session, SOL’s market cap rose from $66.24 billion at the start to $72.82 billion at its peak. Although the market cap slightly retraced towards the end of the session, it resumed its upward trend with the European market opening. At the time of writing, Solana’s market cap was $71.79 billion, according to CoinmarketCap.
Brazil’s SOL ETF Approval and Ripple Court Ruling Impact
Analysts believe Brazil’s approval of the Solana ETF could influence the U.S. Securities and Exchange Commission (SEC) to consider similar products. However, it is doubtful that the Biden administration will approve such ETFs in the near future, despite recent filings for spot Solana ETFs by asset managers VanEck and 21Shares.
The timing of Brazil’s ETF approval also coincides with a major development in the crypto industry: the final court ruling in the SEC vs. Ripple case. Judge Analisa Torres ruled that Ripple Labs must pay a $125 million civil penalty and is prohibited from future violations of securities laws. This ruling, which concluded one of the longest litigations in the crypto space, confirmed XRP as a non-security asset. Following the judgment, XRP’s price surged by 20%, with expectations for further positive movement in the near future.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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