Solana (SOL) has been making headlines in two different regions. After the Solana exchange-traded fund (ETF) in the United States hit a roadblock, news from Brazil gave the market new life.
According to recent data, the Brazilian Securities and Exchange Commission (CVM) has approved a second Solana-based ETF. The CVM authorized the first Solana ETF in the nation on August 8, and the Brazilian asset manager QR Asset provided it.
SOL Regulatory Developments in Brazil
Approval of the Second Solana ETF
According to CVM’s database, investment bank BTG Pactual and Brazilian asset manager Hashdex, with a $962 million market capitalization, will jointly offer the new Solana spot ETF. The fund is currently in its pre-operational phase.
Comparison with the US Market
Asset managers in the US have continued to face obstacles. Meanwhile, Brazilians are making headway as they receive regulatory support to introduce an SOL spot ETF.
More recently, following the removal of the 19b-4 files for the Solana spot ETF from the Chicago Board Options Exchange (CBOE) website, the likelihood of the US SEC approving the product was further diminished. CBOE filed the SOL product for two asset managers, VanEck and 21Shares.
Expert Insights
VanEck’s Head of Digital Assets Research, Matthew Sigel, was seen digging deeper into the matter. He believes the United States must wait a while before garnering a Solana ETF. Looking back at a crypto fraud case from 2018, he spoke about SOL’s status as a commodity.
He added:
“This belief is informed by evolving legal perspectives, where courts and regulators have begun to recognize that certain crypto assets may function as securities in primary markets but behave more like commodities in secondary markets.”
Also Read: SEC Pauses Solana SOL ETF Filings, Delays Approval Process
Solana’s Market Performance
Recent Price Movements
The volatile nature of the cryptocurrency had reached SOL’s shores. At press time, the asset was trading at $142.24, following a 3% drop over the past 24 hours.
Also Read: Can Solana (SOL) Reach $500 in 2024?
The altcoin recorded a rather challenging month as it dropped by 17%.