Solana, or SOL for short, has recently made news in two distinct regions. The Solana ETF (exchange-traded funds) hit a snag in the United States. However, the news out of Brazil rekindled the market.
Recent studies have shown that dataBrazilian Securities and Exchange Commission approved the second ETF that is based upon Solana. CVM approved the first Solana ETF for the country on 8 August, and Brazilian asset manager QR Asset supplied it.
SOL Regulatory Developments In Brazil
Second Solana ETF Approved
CVM database shows that investment bank BTG Pactual, and Brazilian asset manager Hashdex with $962 millions in market capitalization will offer jointly the new Solana ETF. Currently, the fund is in its preoperative phase.
Compare with US Market
Asset managers have faced obstacles in the US. Brazilians, meanwhile, are making progress as they get regulatory support for an SOL Spot ETF.
After the Chicago Board Options Exchange’s (CBOE) removed the Solana Spot ETF 19b-4 documents from their website, it was less likely that the US SEC would approve this product. CBOE submitted the SOL for two asset management companies. VanEck You can also find out more about the following: 21Shares.
Expert Insights
Matthew Sigel is the VanEck Head of Digital Assets Research. He was spotted digging into this issue. Matthew Sigel believes that the United States should wait before a Solana-based ETF is released. In a case of crypto fraud from 2018, he discussed SOL’s commodity status.
You can also find out more about the following: 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 Performance on the Market
Recent Price Changes
SOL had been hit by the volatility of cryptocurrencies. The asset traded at $142.24 as of the time of publication, following a 3 % drop in the previous 24 hours.
Also Read: Can Solana (SOL) Reach $500 in 2024?
This altcoin had a challenging month with its 17% drop.
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Source: watcher.guru