U.S. Regulation

Elon Musk Supports Putting US Treasury Transactions on Blockchain

Elon Musk, the head of the US Department of Government Efficiency, shared his take on putting US Treasury transactions on Blockchain today. In a post on X asking that question, Musk responded with an emphatic “Yes!” “Career Treasury officials are breaking the law every hour of every day by approving payments that are fraudulent or do not match the funding laws passed by Congress,” Musk posted to X, referencing part of the United States Code which outlines how some government payments are approved. “This needs to stop now!”
Last week, the New York Times reported Trump’s Treasury Secretary Scott Bessent gave the DOGE department access to the payment system which sends out $5 trillion per year on behalf of the entire federal government. Additionally last week, Musk held discussions about using blockchain technology to save money, according to Bloomberg. DOGE has been very busy since its formation, looking for various ways for the US government to cut costs and eliminate debt.
Unnamed sources close to Musk told Forbes that there’s been talk of using a blockchain for the US Treasury to track federal spending, secure data, make payments, and manage buildings. However, it is unclear if Musk plans on using an existing blockchain, such as Bitcoin’s, Ethereum’s, Dogecoin’s, or if he would rather create a new, purpose-built blockchain. The latter option would likely be an additional task for Trump’s crypto task force, which is already looking to develop a digital asset stockpile and Bitcoin reserve.
Terron Gold

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Terron Gold
Tags: blockchain technologyDepartment of Government EfficiencyDOGEElon MuskUS Treasury
2 years ago

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