Brazil approves first Solana spot ETF: Will the US be next?

In Brazil, where cryptocurrency use and investment has increased significantly in recent years, the Solana ETF has now been approved. While approval from the Securities and Exchange Commission, the country’s main stock exchange B3 will give the final authorisation. Recently, the first Solana spot ETF application was officially made in the USA.

Brazil approves first Solana spot ETF: Will the US be next?

The Brazilian Securities and Exchange Commission (CVM) has approved Solana-based exchange-traded funds. Following the approval, Solana surpassed BNB and became the 3rd largest cryptocurrency. The product will follow the price tracking through the CME CF Solana Dollar Reference Rate created by CF Benchmarks with the support of the Chicago Stock Exchange (CME).

However, the Brazilian asset management company will be the company that offers QR ETF to investors. As it will be remembered, Brazil also approved Bitcoin and Ethereum spot ETFs in 201 and 2022.

In July, VanEck and 21Shares companies applied for Solana spot ETF in the US. Solana was among the cryptocurrencies that the SEC considered as securities especially in the US.

The US is looking negative for now, but…

The SEC, which had to “reluctantly” approve Ether spot ETFs under public pressure, is expected to take a much stricter stance on Solana. However, the US elections, the possibility of Gary Gensler leaving office, and the institution’s more positive outlook towards crypto may put all these scenarios on a different path.

The year 2024 stood out as a year of great interest in meme coins, especially on the Solana network. Users competed with each other to issue these meme coins.
Solana, which went down to $8 in the crypto winter of 2022, is trading at $155 as of the time of writing.

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