- Asset manager VanEck said its proposed fund is still in the works, despite apparent stagnation in efforts to obtain regulatory permission for spot Solana ETFs in the United States.
This week, the Brazilian securities authority authorized the second Solana exchange-traded fund (ETF), the second such action in August. Although the cryptocurrency-based investment vehicle is becoming more popular in Brazil, it is still unclear how to get equivalent licenses in the US.
Hashdex, an asset manager based in Brazil, will market the new Solana ETF, which was approved by the Comissão de Valores Mobiliários (CVM) on Tuesday, according per the regulator’s database. The data indicates that the fund is presently in its pre-operational phase.
The first Solana-focused exchange-traded fund (ETF) in Brazil was authorized by the CVM earlier this month. It was developed by Brazilian asset manager QR Asset and run by administrator Vortx.
Following the initial legalization of Ethereum ETFs, VanEck and 21Shares both registered for spot Solana ETFs in the United States in June. The head of research for digital assets at VanEck, Matthew Sigel, stated earlier this month that when the first Solana ETF in Brazil was approved, U.S. approvals would be “inevitable.”
However, there’s a possible snag and no indication of when it will occur. The two 19b-4 filings were previously filed on behalf of the respective issuers, but Cboe Global Markets has now removed them from its website.
The filings were essentially dead on arrival because they were never filed on the U.S. Securities and Exchange Commission (SEC) website, according to Bloomberg ETF analyst Eric Balchunas, who made this statement on Twitter on Tuesday (also known as X). He added that despite the possibility that the issuers themselves had active S-1 filings for the planned funds, Cboe decided to remove the listings as a result.
Balchunas added of Solana ETFs under the Gary Gensler-led SEC, which has taken enforcement actions against a number of crypto businesses and initiatives, that it has a snowball’s chance in hell of approval until there’s a change in leadership. Balchunas responded by speculating that the outcome of the presidential election would potentially affect Solana ETFs in the United States.
Nearly zero probability in 2024 and, should Harris win, definitely nearly zero in 2025 as well,” he continued. I think the only hope is that Trump prevails.
For years, there has been conjecture regarding the future of Solana ETFs in the United States and the SEC’s opinion of SOL’s regulatory standing.
VanEck Digital Asset Research Head Matthew Sigel tweeted late on Monday stating that the company’s Solana ETF plans remain in effect despite the missing Cboe paperwork.
Recall that in order to list new ETFs, exchanges like the CBOE and Nasdaq file rule modifications (19b-4). The prospectus (S-1) is the responsibility of issuers such as VanEck, Sigel stated in a tweet on Monday. Ours is still in operation.
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.
