Brazil's Solana ETFs Take the Lead While U.S. Lags Behind

Brazil’s securities regulator, the Comissão de Valores Mobiliários (CVM), has approved its second Solana exchange-traded fund (ETF) this month. This marks a significant step for altcoin-based investment vehicles in the country.

Second Solana ETF Approved

The newly approved ETF will be offered by Brazil-based asset manager Hashdex. It is currently in the pre-operational stage.

Earlier this August, CVM gave the green light to Brazil’s first Solana ETF, which was developed by QR Asset and administered by Vortx.

U.S. Regulatory Challenges

In contrast, the U.S. has seen delays in similar approvals. Although VanEck and 21Shares filed for spot Solana ETFs in June, recent developments have cast doubt on their prospects.

Cboe Global Markets removed the filings from its website, leading analysts to speculate that the proposed funds might not move forward. Bloomberg ETF analyst Eric Balchunas noted that without posting on the SEC’s website, the filings have little chance of approval.

Low Expectations for U.S. Approval

Balchunas expressed doubts about U.S. approval under current SEC leadership. He indicated that a shift in political leadership could influence the fate of Solana ETFs in the country.

Despite these hurdles, VanEck remains optimistic. Matthew Sigel, head of digital assets research, assured that their Solana ETF plans are still under consideration.