While the USA is hesitating, Brazil is following suit. The second Solana ETF is now launching in South America. What SOL investors need to know.
Brazil Approves Second Solana ETF Amid Global Regulatory Challenges
The Brazilian Securities and Exchange Commission (CVM) has greenlit a second Solana ETF, further establishing Brazil as a leader in crypto financial products. Just two weeks ago, Brazil approved the world’s first SOL index fund. Now, Hashdex, a prominent asset manager based in Brazil, is set to launch this new Solana ETF in partnership with local investment bank BTG Pactual.
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Hashdex has a strong track record in the ETF market on the Brazilian stock exchange, having previously introduced products like the Nasdaq Crypto Index, as well as various Bitcoin and Ethereum ETFs. Their latest venture continues to position Brazil as a progressive force in the global crypto space.
Currently, Solana (SOL) is trading at $143.62, marking a 2.62% decrease from the previous day. Over the past week, the SOL price has seen a slight decline of 1.04%.
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Meanwhile, in the United States, the situation is less optimistic for Solana ETFs. The Chicago Board Options Exchange (CBOE) BZX recently withdrew its application for a Solana ETF following advice from the U.S. Securities and Exchange Commission (SEC). This has led to skepticism about the future approval of Solana index funds in the U.S. without significant regulatory changes.
Bloomberg’s ETF expert, Eric Balchunas, expressed a pessimistic outlook on the chances of approval in the U.S., while VanEck’s research director, Matthew Sigel, commented on the situation, stating, “As an American, I am embarrassed to be beaten by Brazil in the market.”
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However, the landscape may shift, especially as SEC Chairman Gary Gensler faces increasing scrutiny. The potential approval of a Solana ETF in the U.S. after the next presidential election could be a game-changer for the cryptocurrency.
