Brazil's securities regulator, the Comissão de Valores Mobiliários (CVM), approved a second Solana exchange-traded fund (ETF) this week.

The country now approved two Solana ETFs, which could indicate the growing appetite for these financial instruments. According to the regulator's database, the newly approved Solana ETF will be offered by Brazil-based asset manager Hashdex. The fund is in a pre-operational phase, as per the provided data.

First Solana ETF in Brazil

Earlier this month, the CVM approved Brazil's first ETF focused on Solana. This ETF was created by Brazilian asset manager QR Asset and operated by administrator Vortx.

The rapid succession of these approvals highlights Brazil's proactive stance in embracing cryptocurrency-based financial products.

U.S. Regulatory Hurdles

In contrast, the path to similar approvals in the United States remains to be determined. Both VanEck and 21Shares filed for spot Solana ETFs in June following initial approvals of Ethereum ETFs.

Matthew Sigel, VanEck's head of digital assets research, declared earlier this month that U.S. approvals would be "inevitable" following Brazil's first Solana ETF approval. However, the process hit a snag.

The two 19b-4 filings were recently removed from the website of Cboe Global Markets, which had initially filed them on behalf of the respective issuers.

Bloomberg ETF analyst Eric Balchunas pointed out on Twitter (aka X) that the filings were never posted on the website of the U.S. Securities and Exchange Commission (SEC), making them dead on arrival. Cboe subsequently pulled the listings, although the issuers may have active S-1 filings for the proposed funds.

"A snowball's chance in hell of approval unless there's a change in leadership," Balchunas said about Solana ETFs under the Gary Gensler-led SEC.

The SEC has pursued enforcement actions against numerous crypto startups and projects. In a reply, Balchunas suggested that the presidential election could also affect the future of Solana ETFs in the U.S.

Future Speculations

"Near-zero chance in 2024, and if Harris wins, there's probably near-zero chance in 2025 too," Balchunas added. "Only hope if Trump wins.

"Speculation over the fate of Solana ETFs in the U.S. and how the SEC perceives the regulatory status of SOL has lingered for years. The SEC still needs to reply to Decrypt's request for comment immediately.

Despite the missing Cboe filings, VanEck Digital Asset Research Head Matthew Sigel tweeted late Monday that the firm's Solana ETF plans are still "in play."

"Remember that exchanges like Nasdaq & CBOE file rule changes (19b-4) to list new ETFs. Issuers like VanEck are responsible for the prospectus (S-1)," Sigel tweeted on Monday. "Ours remains in play."