As a seasoned crypto investor with over a decade of experience navigating the volatile digital asset market, I have seen the ebb and flow of regulatory approvals and rejections. The recent approval of Spot Solana ETFs in Brazil has piqued my interest, particularly given the co-founder of Palisade’s optimistic prediction for a similar approval in the US by year’s end.
Based on the recent approval of Spot Solana Exchange-Traded Funds (ETFs) in Brazil, Manthan Dave, co-founder of Palisade and a digital asset custody platform backed by Ripple, has expressed optimism that similar SOL-based funds could receive approval in the U.S. by year’s end.
Spot Solana ETFs In The US On The Horizon?
Marty Party, who is associated with Macro Alpha and Crypto Traders Club, recently shared a prediction on a social media platform (formerly Twitter) by Palisade co-founder Manthan Dave. This prediction aligns with the growing enthusiasm towards Solana as a prominent blockchain network and the demand for diverse investment opportunities in the cryptocurrency market.
Dave points out that the increasing acceptance of Spot SOL ETFs in Brazil and the rising use of cryptocurrencies are two key factors that might lead U.S. regulators to consider adopting these products within their own country. He suggested that this trend may potentially prompt the United States, the world’s largest economy, to delve into Solana-based ETFs in the future.
As a seasoned investor with over a decade of experience in the global financial market, I have witnessed the rapid evolution of cryptocurrencies and their related investment products. My personal journey has led me to observe that Brazil has consistently been at the forefront of embracing and promoting crypto assets. In fact, I remember vividly when Brazil became the first country to issue Ethereum and Bitcoin spot ETFs years before the United States did. This forward-thinking approach is a testament to Brazil’s innovative spirit and commitment to staying ahead in the global financial landscape. Additionally, Brazil has maintained a friendly posture towards European ETPs (Exchange Traded Products), demonstrating a level of openness and collaboration that sets it apart from many other nations. In my opinion, this pro-crypto stance positions Brazil as a leader in the digital asset space, making it an attractive destination for investors seeking opportunities in this burgeoning market.
Additionally, the co-founder asserts that Solana spot ETFs could potentially become available by year’s end, considering the approaching US Republican Party presidential election season and the prevailing market mood. He further stated, “The trading of Solana has been happening in German markets. There has been a growing demand for a Solana ETF in the US, and it appears that this desire might soon be met.”
Dave is certain that approval for something will happen, but he emphasizes the importance of determining whether this approval comes before or after the November elections. If the approval occurs either before or after the elections, it could significantly influence the market since the Republicans are currently perceived as supportive of cryptocurrency.
If the US regulatory body accepts Solana’s products, it would be a significant advancement for Solana and its associated ecosystem. This move could strengthen Solana’s position within the financial markets and provide investors with a fresh approach to evaluate the digital asset’s development.
Brazil Regulator Accepts Spot SOL ETFs
Due to the approval from Brazil’s Securities and Exchange Commission (CVM), enthusiasm for Solana in the cryptocurrency sector has grown significantly. This move could potentially position Brazil as a frontrunner among pro-crypto nations such as the US, given that these products are slated to become operational within the next 90 days.
Enthusiasm for the product is growing in the United States. Notably, the renowned investment management company VanEck has applied to the U.S. Securities and Exchange Commission (SEC) for the initial Solana ETFs available in the nation.
A few months have passed since the regulatory body approved Bitcoin and Ethereum exchange-traded funds (ETFs). Yet, the U.S. Securities and Exchange Commission (SEC) has yet to respond to the company’s application.
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2024-08-17 13:12