World's First Solana ETF Approval
Ripple Fined $125M But Exchange Sales Deemed Legal, Craig Wright Misses Court Appeal Deadline
Brazil's Securities and Exchange Commission (CVM) has approved the world's first spot Solana ETF, and only a final approval from the Brazilian Stock Exchange B3 is needed.
The Solana ETF will be managed by QR Asset Management, and distributed by Vortx. QR has successfully launched Bitcoin and Ethereum ETFs in Brazil.
It will be measured in US dollats, and use the CME CF Solana Dollar Reference Rate F as reference price.
Solana jumped 2% following the announcement, and despite the recent crash it's staying above the 50-day Simple Moving Average.
QR's CIO Theodoro Fleury publicly celebrated the approval, saying they're positioning Brazil as a pioneer in regulated crypto trading.
In the US, VanEck and 21Shares, as well as the CBOE are also working to get a Solana ETF approved, having just filed for their versions in June and July.
Benchmark cases like Ripple's as detailed below, and Binance's against the SEC, are getting cryptocurrencies classified as commodities instead of securities, which is slowly opening doors to more mainstream crypto products.
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