Coinbase CEO Proposes Blockchain-Primarily based U.S. Treasury To Forestall Inflation as DOGE Transactions Minimize Prices by Billions

Elon Musk’s Division of Authorities Effectivity (DOGE) has saved U.S. taxpayers $36.7 billion, although that is simply 1.8% of his $2 trillion spending lower goal. DOGE has been investigating federal waste, not too long ago uncovering over $100 billion in annual authorities funds to people with out legitimate Social Safety numbers or momentary identification. The U.S. Treasury estimates no less than $50 billion of this might be fraudulent. In response, DOGE and the Treasury have launched new monitoring measures, together with obligatory cost categorization and extra frequent updates to the federal government’s “do-not-pay” checklist.

DOGE has additionally flagged inefficiencies within the Division of Protection (DoD), which failed its 2023 audit, unable to account for 63% of its $3.8 trillion in belongings. The DoD’s liabilities stand at $4 trillion, but its monetary data stay incomplete regardless of spending $1 billion on earlier audits. Officers hope to resolve this by 2028, however Musk has set a July 2026 deadline for DOGE’s mission.

In its newest assessment, DOGE canceled 199 federal contracts throughout 35 businesses, saving an estimated $250 million. Among the many terminated initiatives have been a $20 million local weather resilience program in Sri Lanka and a federal range workshop. The division additionally flagged 62 contracts price $182 million as extreme administrative bills.

The push for transparency has led to discussions about utilizing blockchain know-how to trace authorities spending. Coinbase CEO Brian Armstrong and different business leaders have urged that integrating blockchain may make audits extra environment friendly and spending extra clear. Jean Rausis, co-founder of Smardex, argued {that a} permissionless blockchain may bridge Web2 and Web3, guaranteeing real-time verification of presidency transactions.

Blockchain adoption has already gained traction within the non-public sector, with banks like JP Morgan, Citigroup, and DBS integrating it into their monetary methods. Deutsche Financial institution predicts blockchain pockets customers will surpass 250 million by 2030. If carried out within the U.S. Treasury, it may remodel authorities spending oversight.

DOGE’s findings have fueled political debate. Senator Bernie Sanders accused Musk of utilizing transparency efforts as an excuse to chop social applications. He criticized the termination of USAID applications and warned that Medicaid, Medicare, and Pell Grants might be subsequent. Musk dismissed the claims with a laughing emoji. Different Democratic lawmakers, together with Alexandria Ocasio-Cortez and Letitia James, have additionally pushed again in opposition to his efforts.

Regardless of opposition, some Republican lawmakers assist DOGE’s measures, arguing that eliminating deficit spending may strengthen the economic system. Analysis from DataRepublican revealed that $322 billion in taxpayer funds have been funneled to tax-exempt organizations with out correct oversight.

DOGE’s work is ready to conclude by July 4, 2026, coinciding with the 250th anniversary of the Declaration of Independence. Musk has promised a extra environment friendly authorities with lowered paperwork by that deadline.