Brazil’s Securities and Exchange Commission has approved a spot Solana ETF.
SOL surged 20% shortly after the ETF approval.
The recent approval coincides with the court’s final judgment in the SEC vs Ripple case.
Solana claimed another frontier by gaining ETF approval in Brazil. The Brazilian Securities and Exchange Commission (CVM) greenlit the ETF application from investment firm QR, giving the go-ahead for a spot Solana ETF managed by Vortx.
The development’s impact was visible in SOL’s recent performance, as the Solana blockchain’s native cryptocurrency remained one of the best-forming cryptos in the current dispensation. SOL continued the recovery from the recent crypto market crash by surging 10.72% in the early hours of Thursday.
Notably, Brazil’s SOL ETF approval had an early overall impact on Solana’s market capitalization. SOL’s market cap surged during Thursday’s Asian session. The market cap rallied from $66.24 billion at the Asian open to $72.82 billion as the market peaked. The metric pulled back slightly towards the session’s end before resuming the upward trajectory with the opening of the European session. Solana’s market cap stood at $71.79 billion at the time of writing, according to CoinmarketCap’s data.
Analysts believe Brazil’s SOL ETF approval could boost the U.S. regulator’s interest in the area, potentially leading to the approval of similar products in the region. It is unlikely that President Joe Biden’s administration would make such approvals despite filings for spot Solana ETFs from asset managers VanEck and 21Shares in June.
Meanwhile, the SOL ETF approval in Brazil coincides with a significant event in the crypto industry, with the court making a final ruling in the case between the SEC and Ripple. Judge Analisa Torres ruled on Wednesday that Ripple Labs would pay a $125 million civil penalties fine and banned the company from future violations of securities laws.
This ruling concluded one of the longest litigations in the crypto industry, finalizing XRP’s determination as a non-security asset. XRP surged 20% shortly after the judgment, with the crypto industry expecting more upside movement for the altcoin soon.
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