Solana ETF Enters and Approved in Brazil, US No Movement?

Bittime - Investors in Brazil now have more options to invest in Solana. The reason is, the Solana ETF has just entered and been approved in Brazil. The question is, when will the United States (US) follow? Let's discuss it in this article.

Solana ETF Already Approved in Brazil, US When?

Brazil's capital markets regulator, Comissão de Valores Mobiliários (CVM), has just approved two Solana ETFs, the second this August. However, in the United States, the fate of the Solana ETF remains unclear.

The latest Solana ETF approved by CVM on Tuesday (August 20) will be offered by Brazil-based asset manager Hashdex. According to the regulator's database, this fund is currently in the pre-operational stage.

Balso: Solana ETF: Fantastic Opportunity? Risk Alert!

Previously, in early August, CVM had approved Brazil's first Solana ETF, created by asset manager QR Asset and operated by administrator Vortx.

In the United States, both VanEck and 21Shares applied for a spot Solana ETF last June. This follows the initial approval of an Ethereum ETF. 

Matthew Sigel, head of digital assets research at VanEck, stated earlier this month that approval in the US would be “inevitable” following the approval of the first Solana ETF in Brazil.

No Signs of Solana ETF Approval in the US Yet

However, there are no signs yet when that will happen, and there are possible obstacles. Both 19b-4 filings were recently removed from the Cboe Global Markets website, which had initially filed them on behalf of their respective issuers.

Bloomberg ETF analyst Eric Balchunas said Tuesday on Twitter that the filing was never posted on the U.S. Securities and Exchange Commission (SEC) website, effectively making the filing dead on arrival. 

Balso: Second Solana ETF Has Been Approved by the Securities Commission

This led Cboe to withdraw the listing, he wrote, even though the issuer itself may have an active S-1 filing for the proposed fund.

“The chances are very slim unless there is a change in leadership,” Balchunas said of the Solana ETF under the Gary Gensler-led SEC, which has taken enforcement actions against a number of startups and crypto projects. 

In his reply, Balchunas suggested that the presidential election could also be a factor in the future of the Solana ETF in the US.

"The chances are almost zero in 2024, and if Harris wins, the chances are also zero in 2025," he added. "The only hope [in my opinion] is if Trump wins."

Solana ETF in US Still Unclear

Speculation about the fate of the Solana ETF in the US, as well as how the SEC views SOL's regulatory status, has persisted for years.

Despite Cboe's missing filing, VanEck's Head of Digital Asset Research, Matthew Sigel, tweeted late Monday that the company's Solana ETF plans were still "in play."

"Remember that exchanges like Nasdaq & CBOE filed rule changes (19b-4) to list new ETFs. Issuers like VanEck are responsible for the prospectus (S-1)," Sigel said in a tweet on Monday. "We're still in the game."

What happens to Solana ETF approval in the United States? Only time can tell.

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