After the historical approval of Spot Solana Exchange-Traded Funds (ETFs) in Brazil Manthan Dave, co-founder of Palisade, a digital asset custody platform backed by Ripple, last week expressed confidence in the approval of SOL-based funds in the United States by the end of the year.

Are Solana ETFs in the Works in the US?

Marty Party, a macro alpha and Crypto Traders Club Space host shared Palisade co-founder Manthan Dave’s prediction about the X (formerly Twitter) platform. The co-founder’s prediction coincides with increasing interest in Solana as a top blockchain platform and the need for more diverse cryptocurrency investment solutions.

Dave emphasizes the recent acceptance of the place SOL ETFs in Brazil and the growing acceptance of crypto assets as key factors that could convince US regulators to embrace the products in the country. “The development could inspire the world’s largest economy, the US, to explore Solana-based ETFs in the future,” he stated.

This is because Brazil has long been a pro-crypto nation, and was the first country to issue Ethereum and Bitcoin spot ETFs, years before the US. Brazil has also maintained its cordial attitude towards ETPs in Europe.

Furthermore, the co-founder claims that the Solana spot ETFs could be accepted by the end of this year, given the upcoming US GOP presidential election season and general market sentiment. “It has also been traded on the German markets. People in the US have been asking for a Solana ETF and now they may get it,” he added.

While Dave is confident that it will be approved, he noted that the crucial point to consider is whether it will happen before or after the November election. However, in the event that the funds are approved before or after the election, it could have a huge impact on the market, as Republicans are now seen as pro-crypto.

If the US regulator were to embrace the products, it would be a major step forward for Sunny and its ecosystem, strengthening its position in the financial markets and providing investors with a new way to assess the growth of digital assets.

Brazilian regulator accepts Spot SOL ETFs

Since Brazil’s Securities and Exchange Commission (CVM) greenlit the funds, optimism surrounding Solana has been growing within the crypto industry. This development could give the country an edge over other pro-crypto nations like the US, as the products are expected to go live within 90 days.

Optimism about the product has also grown in the US. So far, the popular asset management company VanEck has filed for the first spot SOL ETFs in the country with the American SEC.

The move comes months after the regulator greenlit Bitcoin ETFs and Ethereum spot ETFs. However, the US SEC has not responded to the company’s filing.

Main image from YouTube, chart from Tradingview.com