Coinspeaker
Brazilian Regulator Approves Second Solana ETF while US Backtracks
On Tuesday, the Brazilian Securities and Alternate Fee (CVM) gave approval for the nation’s second spot Solana exchange-traded-fund (ETF). Apparently, this second approval comes simply inside a month’s time after CVM authorized the Solana ETF from the QR asset supervisor earlier this month in August.
The info from the CVM database reveals that the Brazil-based asset supervisor Hashdex, with over $964 million in belongings below administration, will provide this Solana ETF in partnership with native funding financial institution BTG Pactual. Presently, this SOL ETF might be within the pre-operational section.
Hashdex is a outstanding participant within the ETF market and has already launched merchandise such because the spot Bitcoin ETF and the spot Ethereum ETF within the US market. The submitting reveals that the Hashdex Solana ETF might be listed on the B3 Brazilian inventory trade.
Solana ETF Approval Faces Setback in america
Whereas different markets have proven curiosity within the Solana funding product, the CBOE Alternate not too long ago eliminated the 19b-4 filings for the spot Solana ETF from VanEck and 21Shares, from its web site.
Amid these developments, Bloomberg ETF strategist Eric Balchunas not too long ago acknowledged that the ETFs now have a “snowball’s likelihood in hell of approval”.
Good stream chart displaying how the Solana ETF filings by no means made it previous Step 2 (the SEC did not ack them) = DOA. So the exchanges withdrew 19b-4s altho the issuers' S-1s are nonetheless energetic. A snowball's likelihood in hell of approval until there's change in management through @JSeyff pic.twitter.com/e8BNKT33KH
— Eric Balchunas (@EricBalchunas) August 20, 2024
In response to this unique submit, Balchunas additional stated:
“Sure, near-zero likelihood in 2024, and if Harris wins, there’s prob near-zero likelihood in 2025 too. Solely hope IMO is that if Trump wins.”
However, VanEck’s Head of Digital Property Analysis, Matthew Sigel, acknowledged that its S-1 submitting is “nonetheless in play” regardless that the CBOE trade eliminated the 19b-4 from its web site. “Do not forget that Exchanges like Nasdaq & CBOE file rule adjustments (19b-4) to checklist new ETFs. Issuers like VanEck are liable for the prospectus (S-1). Ours stays in play,” he stated.
Moreover, Sigel pressured that Solana is a commodity just like Bitcoin and Ethereum. This classification is crucial for SOL to qualify for an ETF. Sigel additionally famous that current shifts in authorized views are influencing how crypto belongings are categorized.
Courts and regulators are more and more acknowledging that sure crypto belongings may perform as securities in main markets whereas exhibiting traits extra akin to commodities in secondary markets. This evolving understanding is shaping the regulatory panorama for digital belongings.
Brazilian Regulator Approves Second Solana ETF while US Backtracks