- The approval of the spot Solana ETF has a “snowball’s chance in hell,” according to analysts, including Eric Balchunas of Bloomberg, because of continued SEC worries.
- Brazil’s Securities and Exchange Commission (CVM) approved its second Solana ETF in less than a month, in contrast to the United States.
The CBOE website recently removed the 19b-4 files from VanEck and 21Shares, which makes it seem unlikely that the spot Solana ETF would be approved in the US at this time, according to the Crypto News Flash report. Eric Balchunas, strategist and analyst for Bloomberg ETFs, said that the Solana ETFs had a snowball’s chance in hell of being approved in the midst of these developments.
Market watchers have been speculating that the U.S. Securities and Exchange Commission (SEC) rejected the papers before to official examination because of the regulator’s concerns over Solana’s “security” status, which is why the CBOE took action.
Balchunas continued, saying in a tweet that the outcome of the US presidential election in 2024 will have a significant impact on the prospects of approval. Yes, there is probably very little possibility in 2025 as well as very little chance in 2024 if Harris prevails. IMO, the only hope is if Trump prevails, Balchunas stated.
What Is the Main Rationale for Endorsing Solana ETF?
The US government’s decision to classify Solana as a commodity will determine whether or not the spot Solana ETFs are approved. According to the CNF report, Matthew Sigel, Head of Digital Assets Research at VanEck, defended Solana by claiming that it is a commodity similar to Bitcoin and Ethereum.
Sigel said that VanEck’s S-1 file is still operative even though the CBOE removed the 19b-4 filings for the Solana ETF off the website. Recall that exchanges listing new ETFs, such as Nasdaq & CBOE, must file regulation modifications (19b-4). The prospectus (S-1) is the responsibility of issuers such as VanEck. He wrote, ‘Ours is still on stage.
Approved by Brazil is the Second Solana ETF
In related news, the nation’s second Solana ETF was authorized by the Brazilian Securities and Exchange Commission (CVM) in less than a month. Additionally, the new SOL ETF is presently in the pre-operational stage, according to CVM’s central database. It will be made available by popular ETF management Hashdex, based in Brazil, in collaboration with the regional investment bank BTG Pactual. This year, Hashdex introduced the debut exchange-traded funds (ETFs) for Ethereum and Bitcoin on the US market, managing around $1 billion in assets.
According to Crypto News Flash, early last month, CVM approved QR, a Brazilian asset manager,’s spot Solana ETF.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
