The first SOL spot ETF was approved by the Brazilian Securities and Exchange Commission? SOL jumped!
The U.S. Securities and Exchange Commission (SEC) officially approved the listing and trading of Bitcoin spot ETF and Ethereum spot ETF in January and July this year.
This also makes investors believe that spot ETF products of mainstream cryptocurrencies such as Solana and XRP may also meet with everyone in the near future.
Unexpectedly, Brazil actually took the lead and approved the first Solana spot ETF in advance.
Brazil approved the first Solana spot ETF
Just today, the Brazilian Securities and Exchange Commission (CVM) took the lead in launching the first Solana spot ETF.
"Cointelegraph" reported that this exchange-traded fund is provided by QR, the management company of Bitcoin and Ethereum spot ETFs, and will be managed by Vortx.
In addition, for regulatory reasons, this Solana spot ETF will wait for B3 approval before it can be officially listed, and the longest review period is 90 days. In other words, we will be able to meet the first Solana spot ETF this year.
Inspired by this favorable situation, Solana token SOL has risen rapidly, currently at $155.9, with a 5% increase in the past 24 hours.
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In fact, the Chicago Board Options Exchange (Cboe) submitted two 19b-4 documents to the U.S. Securities and Exchange Commission (SEC) as early as early July, formally requesting VanEck and 21Shares to launch Solana spot ETFs, which attracted market attention.
However, if Solana spot ETF wants to be listed in the United States, it will face several major problems:
1. Insufficient decentralization
2. SEC supervision
3. Lack of SOL futures ETF support
