diff --git a/changelog.txt b/changelog.txt
index 875595e3512ee7..afa8338644d3c6 100644
--- a/changelog.txt
+++ b/changelog.txt
@@ -1,56 +1,5 @@
 == Changelog ==
 
-= 16.7.0-rc.2 =
-
-
-
-## Changelog
-
-### Features
-
-#### Site Editor
-- Add 'Show template' toggle when editing pages. ([52674](https://github.com/WordPress/gutenberg/pull/52674))
-
-
-### Enhancements
-
-#### Patterns
-- Memoize `useSelect` for `usePatterns`. ([54588](https://github.com/WordPress/gutenberg/pull/54588))
-
-#### Design Tools
-- Improve background image control. ([54439](https://github.com/WordPress/gutenberg/pull/54439))
-
-#### List View
-- Try directing focus to the list view toggle button when closing the list view. ([54175](https://github.com/WordPress/gutenberg/pull/54175))
-
-
-### Bug Fixes
-
-#### Plugin
-- Update cherry-pick script to correctly verify GitHub CLI setup. ([54720](https://github.com/WordPress/gutenberg/pull/54720))
-
-#### Block API
-- Block Hooks: Avoid processing empty content for loaded templates. ([54719](https://github.com/WordPress/gutenberg/pull/54719))
-
-#### Design Tools
-- Background Image control: Use consistent button, ensure descriptive text accounts for no image selected. ([54711](https://github.com/WordPress/gutenberg/pull/54711))
-
-
-### Various
-
-#### Plugin
-- Update uuid package to 9.0.1. ([54725](https://github.com/WordPress/gutenberg/pull/54725))
-
-
-
-
-## Contributors
-
-The following contributors merged PRs in this release:
-
-@andrewserong @gziolo @kevin940726 @mikachan @noisysocks @richtabor
-
-
 = 16.7.0-rc.1 =
 
 ## Changelog
diff --git a/gutenberg.php b/gutenberg.php
index 632f52eb5aa754..85a799110597b7 100644
--- a/gutenberg.php
+++ b/gutenberg.php
@@ -5,7 +5,7 @@
  * Description: Printing since 1440. This is the development plugin for the block editor, site editor, and other future WordPress core functionality.
  * Requires at least: 6.2
  * Requires PHP: 7.0
- * Version: 16.7.0-rc.2
+ * Version: 16.7.0-rc.1
  * Author: Gutenberg Team
  * Text Domain: gutenberg
  *
diff --git a/package-lock.json b/package-lock.json
index e1dde719a58ee4..f83b02469fab0c 100644
--- a/package-lock.json
+++ b/package-lock.json
@@ -1,12 +1,12 @@
 {
 	"name": "gutenberg",
-	"version": "16.7.0-rc.2",
+	"version": "16.7.0-rc.1",
 	"lockfileVersion": 2,
 	"requires": true,
 	"packages": {
 		"": {
 			"name": "gutenberg",
-			"version": "16.7.0-rc.2",
+			"version": "16.7.0-rc.1",
 			"hasInstallScript": true,
 			"license": "GPL-2.0-or-later",
 			"dependencies": {
diff --git a/package.json b/package.json
index f3686ca5aeb02b..ac6aef5b903d5b 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
 	"name": "gutenberg",
-	"version": "16.7.0-rc.2",
+	"version": "16.7.0-rc.1",
 	"private": true,
 	"description": "A new WordPress editor experience.",
 	"author": "The WordPress Contributors",