The Brazilian Securities and Exchange Commission (CVM) has greenlighted a second Solana exchange-traded fund (ETF) weeks after it approved its first one on August 8.

According to the CVM’s central database, the product will be launched by Hashdex, an asset manager based in Brazil, in collaboration with the local investment bank BTG Pactual.

Brazil’s Second Solana ETF

However, the newly approved Solana ETF remains in a pre-operational phase. Hashdex manages over $962 million in assets and has a history of launching innovative products on the B3 Brazilian stock exchange. The company has previously introduced ETFs based on the Nasdaq Crypto Index, as well as Bitcoin and Ethereum.

This development comes just weeks after the CVM confirmed Brazil’s first Solana ETF on August 8, which is offered by QR Asset, another local asset manager.

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

Several prominent asset managers, including VanEck and Franklin Templeton, have expressed interest in launching Solana ETFs.

US Solana ETF Approvals

However, recent developments have cast doubt on the likelihood of such approvals in the near term. Filings for Solana ETFs, known as 19b-4 forms, were recently removed from the Chicago Board Options Exchange (Cboe) website and had 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 highlighted in an X post that the 19b-4 forms submitted by Cboe were not acknowledged by the SEC. As a result, the Chicago Board Options Exchange withdrew these forms, though the S-1 filings by the issuers remain active.

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

Nate Geraci, president of The ETF Store, views these developments as strong indications that the ETF is unlikely to receive the green light soon under the current legislation.

When asked about the possibility of such an ETF this year, Balchunas responded, “Yes, near-zero chance in 2024 and if Harris wins there’s prob near-zero chance in 2025 too. Only hope IMO is if Trump wins.”

Despite these challenges, VanEck remains committed to its Solana ETF proposal with Matthew Sigel, the company’s head of digital assets research, clarifying that the removal of the filing does not mark the end of its ambitions.

Turkey’s President Recep Tayyip Erdoğan reportedly introduced that the nation’s cryptocurrency legislation “is prepared” and can be submitted to parliament “directly.” In the meantime, Turkey’s Monetary Crimes Investigation Board (MASAK), which oversees crypto exchanges, has reportedly fined Binance Turkey over violations discovered throughout legal responsibility inspections.

Turkish Cryptocurrency Regulation ‘Is Prepared’

Turkish President Recep Tayyip Erdoğan mentioned at a gathering with journalists Friday that the nation’s cryptocurrency legislation is prepared, ABC Gazetesi reported. Whereas offering info on crypto laws, Erdogan mentioned:

The legislation is prepared, we are going to ship it to the parliament quickly directly.

Following Erdoğan’s announcement, the state-owned Anadolu information company reported on Saturday that the Turkish Monetary Crimes Investigation Board (MASAK) has fined Binance’s Turkish change (BN Teknoloji) 8 million lira ($751,314) over violations discovered throughout legal responsibility inspections. With out offering additional particulars, Anadolu detailed:

The advantageous imposed on BN Teknoloji was the primary of its variety after the authority took on duties to supervise crypto asset service suppliers in Might.

Binance Turkey subsequently issued an announcement emphasizing that it “overtly” communicates and cooperates with regulatory and supervisory authorities. The change added that it “actively follows the altering insurance policies, guidelines, and legal guidelines on this new subject.” Moreover, Binance Turkey mentioned it strives to “create a sustainable, wholesome, and protected ecosystem.”

In September, President Erdoğan mentioned that Turkey is “at warfare” with cryptocurrency. Furthermore, Binali Yıldırım, deputy chairman of the Justice and Improvement Occasion (AK Occasion), mentioned: “Sadly, cryptocurrency additionally opens the door to grievances. So, it’s one thing that wants critical management.”

In Might, Turkey revealed some guidelines for crypto buying and selling platforms within the official gazette after a few cryptocurrency exchanges — Thodex and Vebitcoin — had been investigated for fraud. The Turkish central financial institution has additionally banned using cryptocurrencies for funds.

What do you concentrate on President Erdoğan’s assertion and Binance being fined 8 million lira? Tell us within the feedback part under.

Picture Credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This text is for informational functions solely. It’s not a direct provide or solicitation of a proposal to purchase or promote, or a advice or endorsement of any merchandise, providers, or firms. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the writer is accountable, immediately or not directly, for any injury or loss induced or alleged to be attributable to or in reference to using or reliance on any content material, items or providers talked about on this article.