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Brazil’s financial landscape continues to evolve as its securities regulator, Comissão de Valores Mobiliários (CVM), has&nbsp;<a style="text-decoration:none" href="https://cvmweb.cvm.gov.br/SWB/default.asp?sg_sistema=fundosreg" rel="noopener noreferrer nofollow">approved</a> its second Solana exchange-traded fund (ETF) this week.&nbsp;
The newly approved Solana ETF will be managed by Hashdex, a well-established asset manager in Brazil with $962 million in assets under management (AUM). The fund, currently in its pre-operational phase, represents another milestone in Brazil's embrace of digital assets.&nbsp;
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Hashdex, known for its previous launches, including ETFs based on Nasdaq Crypto Index, Bitcoin, and Ethereum, is partnering with local investment bank BTG Pactual for this venture.
<h2 id="span-span-u-s-market-faces-hurdles-span-span">U.S. Market Faces Hurdles</h2>
In contrast, the path to approving a Solana ETF in the United States remains filled with obstacles.&nbsp;
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Recent developments indicate a lack of progress in this area. Sources familiar with the situation have&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/sec-halts-submission-of-19b-4-form-for-solana-etf-amid-security-classification-concerns" rel="noopener noreferrer nofollow">revealed</a> that the U.S. Securities and Exchange Commission (SEC) rejected the 19b-4 filings for Solana ETFs submitted by VanEck and 21Shares. This rejection was a key factor in the removal of these filings from the Cboe BZX Exchange.
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Solana is currently classified as a security by the SEC, complicating its approval process for an ETF in the U.S.&nbsp;
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However, Matthew Sigel, VanEck’s Head of Digital Assets Research,&nbsp;<a style="text-decoration:none" href="https://x.com/matthew_sigel/status/1825979323871859065" rel="noopener noreferrer nofollow">expressed</a> a belief that Solana should be classified as a commodity rather than a security. Sigel’s perspective is informed by evolving legal views that distinguish between how crypto assets function in primary and secondary markets.
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Meanwhile, Bloomberg ETF analyst Eric Balchunas has suggested that the chances of approval in 2024 are slim, with the likelihood of a breakthrough in 2025 also being low if Kamala Harris wins the US Presidential election.&nbsp;
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 Nice flow chart showing how the Solana ETF filings never made it past Step 2 (the SEC failed to ack them) = DOA. So the exchanges withdrew 19b-4s altho the issuers' S-1s are still active. A snowball's chance in hell of approval unless there's change in leadership via <a href="https://twitter.com/JSeyff?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@JSeyff</a> <a href="https://t.co/e8BNKT33KH" rel="noopener noreferrer nofollow">pic.twitter.com/e8BNKT33KH</a>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1825919807440458196?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 20, 2024</a>
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Brazil Approves Second Solana ETF While U.S. Approval Remains Uncertain

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