Solana

Rule

<ul>
 <li>U.S. Solana ETFs face near-zero approval chances under the current SEC due to concerns over Solana's security status.</li>  
 <li>Brazil embraces Solana ETFs, with its regulatory body approving multiple funds, contrasting U.S. regulatory setbacks.</li>  
 <li>The SEC's reluctance stems from Solana's classification issues, stalling U.S. ETF approvals despite Brazil's proactive stance.</li> 
</ul>  
<p>Given the current administration, there is virtually no opportunity for a Solana ETF to be approved in the US. Bloomberg ETF analyst Eric Balchunas hammered home this feeling on August 20, in an X post, when he said that approval has "a snowball's chance in hell" unless there is a leadership change.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  https://twitter.com/EricBalchunas/status/1825919807440458196
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</figure>  
<h3 class="wp-block-heading" id="h-sec-s-reluctance-to-approve-solana-etfs"><strong>SEC's Reluctance to Approve Solana ETFs</strong></h3>  
<p>This sentiment follows the U.S. Securities and Exchange Commission's (SEC) apparent rejection of a key <a href="https://www.sec.gov/Archives/edgar/data/2028541/000162828024030249/vanecksolanatrusts-1.htm" target="_blank" rel="noopener noreferrer nofollow">filing </a>necessary for Solana ETFs. Cboe Global Markets recently removed two prospective Solana ETFs from its “Pending Rule Changes” page, raising further doubts.</p>  
<p>Balchunas noted that Solana ETFs face near-zero chances of approval in both 2024 and 2025 if the current leadership remains. ETFStore President Nate Geraci echoed this, emphasizing that Solana must be classified as a commodity for its ETFs to gain approval. However, the SEC’s concerns over <a href="https://cryptonewsland.com/sec-halts-solana-etf-filings-due-to-concerns-over-security-status/" target="_blank" rel="noopener noreferrer nofollow">Solana’s classification as security</a> persist, hindering its prospects.</p>  
<h3 class="wp-block-heading" id="h-brazil-s-progressive-stance-on-solana-etfs"><strong>Brazil's Progressive Stance on Solana ETFs</strong></h3>  
<p>Head of digital asset analysis at VanEck Matthew Sigel, however, asserted that Solana is a commodity, drawing comparisons to Ethereum and Bitcoin. Sigel cited a 2018 Commodity <a href="https://www.cftc.gov/" target="_blank" rel="noopener noreferrer nofollow">Futures Trading Commission</a> (CFTC) case called "My Big Coin Pay," in which a judge determined that even in the lack of futures contracts, the My Big Coin token qualified as a commodity. This ruling, Sigel argued, could serve as a precedent for Solana’s classification.</p>  
<p>In contrast to the U.S., Brazil is moving ahead with Solana ETFs. The country’s regulatory agency, Comissão de Valores Mobiliários (CVM), recently approved another Solana-based ETF, managed by Hashdex in collaboration with BTG Pactual. This approval follows Brazil’s earlier endorsement of the country’s first Solana ETF, managed by QR Asset and administered by Vortx.</p>  
<p>Earlier optimism in the <a href="https://cryptonewsland.com/the-solana-etf-authorisations-for-vaneck-and-21shares-removed-from-the-cboe-website/" target="_blank" rel="noopener noreferrer nofollow">U.S. regarding Solana ETFs</a>, driven by VanEck’s Sigel, has faded following the SEC’s concerns. The removal of the 19b-4 filings by Cboe underscores the regulatory challenges facing Solana ETFs in the U.S.</p> 
<p>The post <a href="https://cryptonewsland.com/solana-etfs-face-regulatory-setbacks-in-the-u-s-amid-brazils-approval/" rel="noopener noreferrer nofollow">Solana ETFs Face Regulatory Setbacks in the U.S. Amid Brazil’s Approval</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Solana ETFs Face Regulatory Setbacks in the U.S. Amid Brazil’s Approval

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