Restey Immortalizes Gary Gensler’s X Post On The Bitcoin Blockchain
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Restey Immortalizes Gary Gensler’s X Post On The Bitcoin Blockchain

  • Billy Restey immortalizes SEC’s Gary Gensler X post on Bitcoin blockchain, ensuring clarity after a false ETF approval claim rattles the crypto market.

Digital artist Billy Restey has inscribed U.S. Securities and Exchange Chair Gary Gensler’s tweet debunking a false Bitcoin exchange-traded fund approval announcement onto the Bitcoin blockchain. 

The inscription was a response to a security breach of the SEC’s official Twitter account, which led to a misleading post claiming that all thirteen spot Bitcoin ETFs had been approved, causing a temporary drop in Bitcoin’s price. 

Restey’s inscription immortalizes Gensler’s clarification tweet, ensuring that this moment in cryptocurrency history will not be forgotten. 

The false tweet, which appeared on Tuesday, sent shockwaves through the cryptocurrency community, with Bitcoin’s value plummeting to just above US$45,500. 

See Also: SEC Chair Gary Gensler’s False Tweet Immortalized On Bitcoin Ordinal Forever

Restey’s inscription, numbered 53,995,422, is one of over 53 million Ordinal inscriptions created since the protocol’s introduction. 

Ordinals, often likened to Ethereum-based non-fungible tokens (NFTs) for the Bitcoin blockchain, allow for the minting of various digital assets, including images, text, and even video games.

Bitcoin has been the leading blockchain for NFTs by sales volume in the past 30 days, with over US$890 million in sales, CryptoSlam data shows. Ethereum, the all-time leader in sales, recorded over US$318 million in NFT sales in the same period. 

There are 13 spot Bitcoin ETF applications from major financial institutions like BlackRock and Fidelity awaiting SEC approval. The agency’s deadline for Ark/21Shares’ application is today (Jan. 10). 

According to Eric Balchunas, an ETF analyst for Bloomberg, the SEC is expected to announce formal approvals for several spot Bitcoin ETFs as early as 4 p.m. ET.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.