Solana exchange-traded funds (ETFs) continue to face significant hurdles in the United States, with analysts predicting a near-zero chance of approval. Despite recent filings with the US Securities and Exchange Commission (SEC), VanEck and 21Shares’ SOL spot ETFs are unlikely to launch anytime soon.
The Cboe exchange’s withdrawal of its 19b-4 filings for these ETFs has further dimmed the prospects for approval. Bloomberg ETF analyst Eric Balchunas described the chances of approval as “a snowball’s chance in hell,” noting that the filings never made it past the second stage.
The US ETF news has negatively impacted Solana’s sentiment, with SOL prices dropping by 3% in 24 hours. Matthew Sigel, Head of Digital Assets Research at VanEck, argued that SOL should be classified as a commodity, similar to Bitcoin and Ether, to facilitate ETF product launches.
While the US market remains closed to Solana ETFs, Brazil has taken a more welcoming approach. The Brazil Securities and Exchange Commission (CVM) recently approved a second SOL ETF issued by Hashdex in partnership with BTG Pactual. This follows the approval of the first Solana ETF in the country by QR Asset.
Brazil’s embrace of Solana ETFs and its support for Bitcoin futures trading highlight its growing acceptance of cryptocurrencies and its desire to meet investor demand for these products. As the regulatory landscape for crypto ETFs continues to evolve, Brazil’s approach could serve as a model for other jurisdictions seeking to foster innovation and attract investment in the digital asset space.
