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- Brazil’s securities regulator has approved a second Solana ETF, indicating increasing interest in altcoin investments
- Hashdex has launched the new Solana ETF following QR Asset’s earlier approval this month
- The SEC in the US has expressed concerns about Solana’s security status, delaying similar ETF approvals
Brazil’s securities regulator has approved a second Solana exchange-traded fund (ETF), signaling a growing interest in altcoin-based investments in the country. The new ETF, offered by Hashdex, follows the approval earlier in the month by QR Asset. However, in the US, the path for similar approvals appears to have hit a roadblock, as the SEC has expressed concerns about Solana’s potential status as a security.
Brazil Performs a Quick One-Two
Brazil’s Securities and Exchange Commission (CVM) approved the QR Asset Solana ETF on 8 August, with the fund operated by fund administrator Vortx. Brazilian stock exchange B3 still needs to approve the ETF, but this hasn’t stopped the CVM from approving the Hashdex ETF application, which is run in collaboration with BTG Pactual, a major Brazilian investment bank.
Assuming that both ETFs get the go-ahead, they will represent the first Solana ETFs in the world. Naturally, Solana supporters are still focused on a US ETF to mirror Bitcoin and Ethereum, but there are indications that this could be a tougher sell.
19b-4 filings Removed
Solana ETF applications followed hot on the heels of Ethereum’s success this year, with both VanEck and 21Shares filing in June. VanEck’s head of digital assets research, Matthew Sigel, stated earlier this month that US approvals of Solana ETFs would be “inevitable” following QR Asset’s approval in Brazil.
However, the Block reports that the US Securities and Exchange Commission (SEC) held discussions with potential issuers of Solana ETFs over concerns about Solana’s possible classification as a security. According to the outlet, following these talks, the SEC rejected the 19b-4 forms submitted by VanEck and 21Shares, leading to their removal from the exchange’s website and preventing them from being submitted to the Federal Register.
The 19b-4 filings—typically submitted by exchanges on behalf of issuers—are no longer visible on the Cboe website, nor are they currently listed in the Federal Register. This suggests that the two companies have either lost faith in the prospect of a Solana ETF or they have plans to rewrite and resubmit them.
