- Brazil’s securities commission, the CVM, has approved a second Solana ETF this month.
- Hashdex, a Brazil-based asset manager, will offer the new Solana ETF in partnership with investment bank BTG Pactual.
Brazil’s Securities and Exchange Commission (CVM) has greenlit a second Solana ETF, marking a notable step for crypto investments in the region. This new fund is set to be launched by asset manager Hashdex, a Brazil-based asset manager managing over $962 million in assets, in collaboration with local investment bank BTG Pactual.
This decision follows the CVM’s earlier approval of Brazil’s first Solana ETF by QR Asset earlier this month. According to the CVM database, the upcoming Solana ETF is currently in its pre-operational phase. The Solana ETF approval by Brazil’s financial watchdog highlights the growing acceptance of digital assets in the country, creating more investment opportunities for Brazilian investors.
U.S. Approval Process for Solana ETFs Faces Uncertainty
Despite Brazil’s proactive stance, the path for similar approvals in the U.S. is less clear. Both VanEck and 21Shares had filed for spot Solana ETFs in June, hoping to mirror Brazil’s progress.
However, recent developments have cast doubt on these efforts. Cboe Global Markets, which had initially filed the applications, has since removed them from its website. Bloomberg’s ETF analyst Eric Balchunas reported that these filings were never listed on the U.S. Securities and Exchange Commission’s (SEC) website, which has led to their withdrawal.
As the U.S. gears up for the upcoming elections, the regulatory landscape for cryptocurrencies is poised for significant shifts. The outcome of the U.S. elections could play a pivotal role in shaping the future of cryptocurrency regulation and ETF approvals. Candidates and policymakers weigh in on crypto policies, which might impact regulatory decisions and the broader investment landscape.
Key to this is the approval process for crypto-related exchange-traded funds, which remains uncertain amidst evolving political dynamics.
However, Brazil Solana ETF news doesn’t impact the Solana native cryptocurrency, SOL, which is currently trading at $143. However, Solana has seen significant developments this year and has grabbed huge attention, largely driven by the rise of memecoins.
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