Elon Musk Backs US Treasury Blockchain in Bid for Transparency
Elon Musk, head of the newly-created federal agency DOGE, has endorsed a U.S. Treasury blockchain proposal in Bid for Transparency.
Musk, in a February 2 X post, accused long-term Department of Treasury officials of approving fraudulent payments in violation of Congressional funding laws.
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.
This needs to stop NOW!
https://t.co/Y0RMNebEWq
— Elon Musk (@elonmusk) February 2, 2025
He called for an end to the lack of oversight, bluntly stating, “This needs to stop NOW!”
The accusations prompted Trump’s Treasury Secretary, Scott Bessent, to grant DOGE access to the Treasury Department’s systems.
A move met with much contention as a breach of privacy, exposing sensitive data—including Social Security and Medicare payment information—to DOGE.
Advocacy groups filed a lawsuit against the Treasury Department, calling the data sharing illegal.
“People who must share information with the federal government should not be forced to share information with Elon Musk or his ‘DOGE.’ And federal law says they do not have to,” plaintiffs stated in the civil action.
Musk Backs U.S. Treasury Blockchain Proposal
Popular crypto voice and founder of IBC Group Mario Nawfal asked Musk whether the Treasury should utilize blockchain technology to address the issue.
Musk replied, ‘Yes!’, endorsing the idea of putting Treasury-related transactions on the blockchain to enhance transparency.
Yes!
— Elon Musk (@elonmusk) February 2, 2025
Other industry figureheads, like Cardano Blockchain CEO Charles Hoskinson, matched this enthusiasm, delivering a similar response to the question.
Since Donald Trump’s inauguration, Musk has been looking for ways to help the federal government cut costs through the Department of Government Efficiency. Part of this effort may well see the agency leverage blockchain technology to enhance its operations.
Elon Musk in Search Of Host Blockchain
A potential U.S. Treasury blockchain may already be in the works, as reports suggest Musk is in the market for a blockchain to host DOGE operations.
A January 25 Bloomberg report revealed that DOGE is exploring blockchain integration within the U.S. government, citing sources familiar with the matter.
The report named Movement (MOVE) as one of the top blockchains DOGE is considering adopting.
While neither Musk nor Movement’s team confirmed the report, the speculation alone was enough to trigger a 12% spike in MOVE’s price.
Industry commentators suggest DOGE may leverage an existing blockchain, pointing to major crypto players like Bitcoin, Ethereum, or the XRP Ledger as potential candidates.
Source: cryptonews.com
