A second spot Solana exchange-traded fund (ETF) has been permitted to be launched by the Comissão de Valores Mobiliários (CVM), which is the authority that oversees the financial market infrastructure in Brazil. Following a submission that was made on the website of the CVM, this new Solana exchange-traded fund (ETF) will be made available by Hashdex, an asset management company based in Brazil, and is currently in the pre-operational phase.
After Brazil’s initial approval on August 8 for its first-ever Solana exchange-traded fund (ETF), which was managed by QR Asset and operated by Vortx, a company that specializes in fund operations, this permission comes as a result.
In the meanwhile, there have been challenges experienced in the United States when attempting to implement spot Solana exchange-traded funds. Immediately after the United States Securities and Exchange Commission (SEC) gave its approval to spot Ethereum exchange-traded funds (ETFs), asset managers VanEck and 21Shares filed applications for spot Solana ETFs in June.
On the other hand, the Chicago Board Options Exchange (CBOE) deleted the 19b-4 files for two planned Solana exchange-traded funds from its list of pending rule changes on August 16. As a result, rumors began to circulate that the papers had been withdrawn when the Securities and Exchange Commission expressed worries about the possibility that Solana could be classified as a security.
Analysts Predict Political Shifts Could Influence Solana ETF Approvals
According to James Seyffart, an ETF analyst at Bloomberg, the Securities and Exchange Commission (SEC) normally publishes the filing on its website when an exchange such as the CBOE submits the initial 19b-4 application to the SEC. Take, for instance, the application for the Solana ETF 19b-4 that was submitted by the CBOE on July 8. In most cases, around fourteen days after posting the 19b-4 file on its website, the Securities and Exchange Commission (SEC) officially begins the regulatory review process.
Due to the fact that it establishes explicit timelines for the SEC to reach a decision, this phase is extremely important. In this particular instance, however, the Solana ETF filing was never made available on the website of the SEC.
Another analyst for Bloomberg ETFs, Eric Balchunas, pointed out that the filings were not uploaded to the SEC’s website. This prompted him to make an observation that there is a snowball’s shot of approval unless there is a change in leadership. The results of the approaching presidential election, according to Balchunas, could have an effect on the future of Solana exchange-traded funds (ETFs) in the United States.
It was his observation that there was a nearly zero possibility in 2024, and if Harris were to win, there would probably be an almost 0% chance in 2025 as well. He went on to say that the only optimism, in his opinion, would be if Trump were to win.
Similar reservations were voiced by Nate Geraci, president of ETFStore, in a tweet on August 17, which suggested that a Solana exchange-traded fund (ETF) is not likely to be established in the near future under the current administration. Geraci is of the opinion that approval of a Solana exchange-traded fund (ETF) would only depend on the classification of Solana as an asset class instead of a security.
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