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  • Writer's pictureKyle

GOING APE! : Bored Ape Yacht Club Members And The Web3 World Celebrated The ETH ETF's Approval!

Things are anything but boring across the Web3 and Crypto world today, as Apes, NFT enthusiasts, Memecoin aficionados, and everyone in between take to the timeline to celebrate the Securities and Exchange Commission’s approval of Ethereum ETFs!


May 23rd, 2024 will be a day long remembered in crypto history after the SEC seemingly reversed its position on an Ethereum in less than a week, culminating in the approval of all spot trading ETH ETFs right before the agency’s decision deadline Thursday night.


“After careful review, the Commission finds that the Proposals are consistent with the Exchange Act and rules and regulations thereunder applicable to a national securities exchange,” the SEC wrote in its filing on Thursday. “In particular, the Commission finds that the Proposals are consistent with Section 6(b)(5) of the Exchange Act,17 which requires, among other things, that the Exchanges’ rules be designed to “prevent fraudulent and manipulative acts and practices” and, “in general, to protect investors and the public interest;” and with Section 11A(a)(1)(C)(iii) of the Exchange Act,18 which sets forth Congress’ finding that it is in the public interest and appropriate for the protection of investors and the maintenance of fair and orderly markets to assure the availability to brokers, dealers, and investors of information with respect to quotations for and transactions in securities."



"Years of progress was made in the last few weeks," Magic Eden Co-Founder and BAYC Member Jack Lu tweeted. "History is being made & we are in the center of it all. This must be how it felt when broadband or the smartphone was invented. Crypto can't be stopped, a new internet is coming."


Following the ETH ETF’s approval, BAYC members and the expanded Yugaverse took to Twitter with memes, Gifs, and hot takes as they looked to the futute of Crypto and Web3.

 




“99.69420% of my money is in crypto,” BAYC member Boris Vagner tweeted after the ETF news broke. “I’m mostly holding eth and pepe. Eth ETF approval is a huge W. crypto is about freedom, hope everyone makes life changing money this cycle.”

 

The Bored Ape Gazette is working to find out more about the ETH ETF and what it could mean for ApeChain and the broader Web3 world. Stay tuned for updates!

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