Coinbase CEO Calls on US to Implement Blockchain in Public Finance Management
Date: 2025-02-10 Author: Henry Casey Categories: BLOCKCHAIN
Coinbase CEO Brian Armstrong has suggested that the US government implement blockchain to track government spending. He cited the work of the Department of Government Efficiency (DOGE), which, under the leadership of Elon Musk, has allegedly already saved taxpayers $36.7 billion.
According to DOGE Tracker, this amount is only 1.8% of Musk's stated goal of reducing government spending by $2 trillion. Armstrong emphasized in his statement on February 9, 2025, that the use of decentralized technologies will allow for real-time audits, which will significantly increase the level of transparency of government financial flows.
Earlier, Elon Musk reported that the US Treasury, together with DOGE, discovered a $100 billion loophole in annual payments to individuals without social security numbers. Musk claims that about 50% of these funds may be associated with fraudulent schemes, which requires urgent intervention.
To minimize such risks, Musk proposed the introduction of mandatory classification and justification for all government payments. He also advocated for regularly updating the list of organizations that are prohibited from receiving funds from the budget.
Smardex co-founder Jean Rauzis supported the initiative, noting that the transition of government agencies to blockchain will allow the United States to maintain its leadership position in the field of financial innovation. He emphasized that decentralized infrastructure will help avoid situations where transparency is only formal.
DOGE is expected to present the results of its work on July 4, 2026, timing the reforms to coincide with the 250th anniversary of the signing of the Declaration of Independence. On this day, key changes in the structure of public administration may be announced, aimed at reducing bureaucracy and increasing the efficiency of the state apparatus.
Earlier, Democratic Senator Ron Wyden expressed concern that DOGE, under the leadership of Elon Musk, had gained unlimited access to the US Treasury payment system. In his opinion, this poses a threat to the country's national security.
