The post Solana ETFs Face Zero Chance of Approval in US As Brazil Greenlights Two ETFs ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.

Advertisement &nbsp &nbsp Solana exchange-traded funds (ETFs) continue to face further headwinds in the United States, with analysts now noting that there is a near-zero chance of approval. VanEck and 21Shares submitted filings for SOL spot ETFs with the US Securities and Exchange Commission (SEC) in June. However, due to recent developments, these products might not launch soon.  As reported by ZyCrypto, the Cboe exchange has since withdrawn its 19b-4 filings for these ETFs, in a move seen to signal a rejection of the applications by the securities regulator. According to Bloomberg ETF analyst Eric Balchunas, these ETF products have a “snowball’s chance in hell of approval.” The analyst stated that these products never even made it past the second stage. “The Solana ETF filings never made it past Step 2… So the exchanges withdrew 19b-4s although the issuers’ S-1s are still active. A snowball’s chance in hell of approval unless there’s change in leadership,” the analyst stated.  Advertisement &nbsp Nice flow chart showing how the Solana ETF filings never made it past Step 2 (the SEC failed to ack them) = DOA. So the exchanges withdrew 19b-4s altho the issuers’ S-1s are still active. A snowball’s chance in hell of approval unless there’s change in leadership via @JSeyff pic.twitter.com/e8BNKT33KH — Eric Balchunas (@EricBalchunas) August 20, 2024 The US ETF news appears to have dampened sentiment around Solana. SOL is down 3% in 24 hours to trade at $141 at the time of writing. Matthew Sigel, Head of Digital Assets Research at VanEck, commented on the development, arguing that SOL should be classified as a commodity, similar to Bitcoin and Ether. Sigel said that the courts have previously ascertained that some crypto assets are commodities in secondary markets. A similar level of recognition was also needed for Solana for ETF…

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Filed under: News - @ August 23, 2024 10:21 pm