Hashdex and BTG Pactual Secure Second Solana ETF in Brazil as U.S. Approval Remains Unlikely

• Brazil’s CVM approved a second Solana ETF, launched by Hashdex and BTG Pactual.
• The ETF enhances Solana’s accessibility in Brazil, reflecting a progressive crypto investment stance.
• U.S. approval for Solana ETFs faces significant challenges, with no expected approval in 2024.

Brazil’s Securities and Exchange Commission (CVM) has approved a second Solana ETF. This ETF was launched by Hashdex, a Brazil-based asset management firm, in partnership with local investment bank BTG Pactual.

On August 8, the CVM gave the green light to Brazil’s first Solana ETF. This development marked a significant milestone for the blockchain-focused asset.

Expanding Solana’s Presence in Brazil

The approval of this second Solana ETF underscores Brazil’s progressive stance on cryptocurrency investments. Hashdex and BTG Pactual have strategically positioned themselves to offer Brazilian investors more opportunities in the expanding world of digital assets.

This move is expected to enhance the accessibility of Solana’s blockchain technology to a broader audience within the country. The successful launch of these ETFs could potentially pave the way for more innovative crypto investment products in Brazil.

U.S. Approval Faces Significant Hurdles

While Brazil advances with Solana ETFs, the situation in the United States is less optimistic. Bloomberg ETF analyst Eric Balchunas noted that the Solana ETF application has stalled at the second step of the filing process.

The likelihood of approval in 2024 is virtually nonexistent. Balchunas suggested that unless there is a significant shift in U.S. leadership.

The current administration under President Biden and the potential leadership of Vice President Harris offer little hope for a change in this stance.

The contrast between Brazil’s proactive approach and the United States’ regulatory hesitance highlights the differing attitudes towards cryptocurrency adoption. As Brazil continues to embrace blockchain innovations, U.S. investors may need to look abroad for similar opportunities until the regulatory environment becomes more favorable.