The pseudonymous creator of Bitcoin, Satoshi Nakamoto, famously embedded a message referencing bank bailouts in the genesis block of the blockchain over a decade ago. Now, an unknown user has followed suit by inscribing text related to the hotly anticipated approval of a Bitcoin exchange-traded fund (ETF) into the blockchain’s OP_RETURN field.
The Message
On January 9th, 2023, a Bitcoin transaction was confirmed containing the text “SEC Chairman on brink of second ETF approval.” This wording mirrors Satoshi’s original message, replacing “Chancellor” with “SEC Chairman” and “banks” with “ETF.” The inscription refers to widespread speculation that a spot Bitcoin ETF is close to being greenlit by the Securities and Exchange Commission.
First Bitcoin Futures ETF Approved in 2021
While no spot Bitcoin ETFs have yet been approved, the SEC did give the nod to the first Bitcoin futures ETF in October 2021. The use of the word “second” in the recent blockchain engraving may be a reference to this prior approval, drawing a parallel to the impending spot ETF decision. It’s also possible it was simply included to make the phrasing match Satoshi’s original Easter egg.
Precursor to the Message
Just hours before the transaction was confirmed, the SEC’s Twitter account was apparently hacked, falsely announcing that all spot Bitcoin ETF proposals had been approved. SEC Chair Gary Gensler quickly clarified that the account had been compromised. The breach has prompted questions from U.S. senators, who have requested a report from Gensler by Monday detailing how it occurred.
While the message embedded in the blockchain may not portend an imminent ETF approval, it serves as an intriguing homage to Satoshi’s pioneering inscription. For now, the world will have to wait and see whether the SEC Chairman will indeed be on the brink of giving spot Bitcoin ETFs the regulatory green light.
