Brazil's Solana ETF Approval Paves the Way for US Approval
CryptoNewsTerminal Staff09 Aug, 2024
Brazil's Solana ETF Approval Paves the Way for US Approval
VanEck Digital Assets Research head Matthew Sigel believes that the approval of a physically-backed Solana exchange-traded fund (ETF) in Brazil makes it "inevitable" that a similar product will be approved in the United States. Brazil has been a leader in crypto innovation and competition with initiatives like a digital sandbox, an early approval of a Bitcoin ETF, etc.," he added. The Brazilian Securities and Exchange Commission (CVM) has approved the listing of the world's first physically-backed Solana exchange-traded fund (ETF). The ETF will be listed on the B3 stock exchange in Brazil. This move by Brazil is a significant development for the cryptocurrency industry, as it shows that regulators are becoming more comfortable with approving ETFs that track the price of digital assets. The approval of a Solana ETF in the United States would be a major milestone for the cryptocurrency industry, as it would provide investors with a more convenient and regulated way to gain exposure to the Solana ecosystem.
