The Brazilian Securities and Exchange Commission (CVM) gave the green light to Solana's second exchange-traded fund (ETF) a few weeks after approving the first one on August 8.

According to the central CVM database, the product will be launched by Hashdex, an asset management company from Brazil, in collaboration with local investment bank BTG Pactual.

However, the recently approved Solana ETF remains in the preoperative stage. Hashdex manages over $962 million in assets and has a history of launching innovative products on the Brazilian B3 stock exchange. Earlier, the company introduced an ETF based on the Nasdaq Crypto index, as well as Bitcoin and Ethereum.

This event occurred just a few weeks after CVM confirmed Brazil's first Solana ETF on August 8, which is being offered by QR Asset, another local asset manager.

The timing of CVM's decision coincides with ongoing speculation about the situation with the Solana ETF in the United States. Earlier this year, the Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs in January and spot Ether ETFs in June, prompting optimism that Solana could be next in line.

Several well-known asset managers, including VanEck and Franklin Templeton, have expressed interest in launching the Solana ETF.

Approval of the Solana ETF in the USA

However, recent events have cast doubt on the likelihood of such approvals in the near future. Applications for Solana ETFs, known as Forms 19b-4, were recently removed from the Chicago Board Options Exchange (Cboe) website and have not been added to the Federal Register, leading to speculation about the future of these products in the country.

On August 20, Bloomberg ETF analyst Eric Balchunas emphasized in post X that the forms 19b-4 submitted by Cboe were not recognized by the SEC. As a result, the Chicago Board of Options has withdrawn these forms, although S-1 applications submitted by issuers remain active.

The S-1 form is a crucial part of the SEC approval process, allowing issuers to offer new securities publicly. However, it cannot advance without submitting applications 19b-4

Nate Geraci, president of The ETF Store, considers these events convincing evidence that the ETF is unlikely to receive the green light in the near future in accordance with current legislation.

When asked about the possibility of such an ETF this year, Balchunas replied: "Yes, in 2024 the chances are close to zero, and if Harris wins, then in 2025 the chances are probably close to zero. The only hope, in my opinion, is a Trump victory."

Despite these difficulties, VanEck remains committed to its Solana ETF offering, and Matthew Siegel, head of digital asset research at the company, explained that withdrawing the application does not mean the end of everything.