- Approval of New Solana ETF in Brazil
- Challenges in Approving Solana ETF in the US
- Expert Opinions on the Future of Solana ETF in the US
Brazil's financial landscape continues to evolve as the CVM has approved the second Solana-based ETF. The fund will be managed by Hashdex and is currently in its pre-operational phase.
Approval of New Solana ETF in Brazil
The new Solana ETF has been approved by the Brazilian Securities Commission (CVM). Hashdex, a well-established asset manager in Brazil with $962 million in assets under management, will oversee the fund. The new fund is currently in its pre-operational phase and represents a significant milestone for digital assets in Brazil.
Challenges in Approving Solana ETF in the US
The approval process for Solana ETF in the US remains fraught with difficulties. Sources revealed that the U.S. Securities and Exchange Commission (SEC) rejected the 19b-4 filings for Solana ETFs submitted by VanEck and 21Shares. The SEC classifies Solana as a security, complicating its approval process.
Expert Opinions on the Future of Solana ETF in the US
VanEck's Head of Digital Assets Research, Matthew Sigel, has argued that Solana should be classified as a commodity rather than a security. Bloomberg ETF analyst Eric Balchunas noted slim chances of approval in 2024, suggesting it is unlikely even in 2025 if Kamala Harris wins the Presidency.
While Brazil actively embraces new financial instruments based on digital assets, the approval process in the US continues to face numerous hurdles.
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