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- During a recent interview, Cardano and IOG founder Charles Hoskinson proposed using Cardano as an audit layer for the U.S. Treasury’s $7 trillion budget.
- This comes as DOGE, the organization led by Elon Musk, initiates an investigation into the SEC while also requesting access to the IRS database.
In a recent interview, Charles Hoskinson, the founder of Cardano, discussed the potential integration of blockchain technology within the U.S. Treasury. Speaking with Stefania Barbaglio, he emphasized the advantages of blockchain, particularly its ability to ensure data integrity and security in managing U.S. government finances.
When asked about Elon Musk’s push to place the U.S. Treasury on a blockchain, Hoskinson noted that it would be difficult for Musk to unilaterally make such a decision, despite high expectations surrounding it. He mentioned the speculation over which blockchain platform might be used for the audit layer, with Ethereum (ETH), Bitcoin (BTC), and Cardano (ADA) among the contenders. However, Hoskinson made it clear that the decision would ultimately be up to government procurement.
Charles Hoskinson emphasized that traditional oversight mechanisms are inadequate for managing the vast scale of federal expenditures across 200 agencies. He pointed out that with a $7 trillion budget and billions of transactions, it’s impossible for one person to analyze everything. However, by structuring the system correctly, making it auditable, transparent, and enhanced with AI, data can be trusted, enabling informed action.
A critical consideration, according to Hoskinson, is ensuring the accuracy and integrity of the data involved. Blockchain’s time-stamped, secure, and transparent nature makes it ideal for providing read-only access to institutions like the Treasury Department. This is especially important given the U.S. government’s history of financial mismanagement.
Hoskinson also highlighted a shift in the U.S. political landscape, noting that the country has moved away from a regime that sought to undermine the crypto market, particularly under SEC Chair Gary Gensler. He criticized the inefficiencies in federal spending under the Biden administration, pointing out that in 2024, the U.S. government’s expenditure of $6.75 trillion far exceeded its revenue, deepening the deficit.
DOGE’s Audit of Government Expenditures
In response to these challenges, the Department of Government Expenditures (DOGE), founded by Elon Musk under President Trump’s directive, has been auditing government spending to uncover and address waste. Furthermore, the Internal Revenue Service (IRS) received a request for access to a classified system containing sensitive personal financial data. This request, under review, would grant DOGE officials broad access to IRS systems, including tax returns, properties, and other datasets.
Additionally, DOGE has launched an investigation into the SEC, with the aim of uncovering waste, fraud, and abuse within the agency. This move follows DOGE’s creation of multiple X accounts for federal agencies, including the SEC.
DOGE is seeking help from the public! Please DM this account with insights on finding and fixing waste, fraud and abuse relating to the Securities and Exchange Commission.
— DOGE SEC (@DOGE_SEC) February 17, 2025
Charles Hoskinson publicly supported DOGE’s efforts. In response to the growing scrutiny of the SEC, Hoskinson shared a GIF of an excited man with the caption ‘so happy.’
https://t.co/cRvobGtGZL pic.twitter.com/QrfXN7593L
— Charles Hoskinson (@IOHK_Charles) February 17, 2025
This reaction suggests his support for DOGE’s decision to audit the SEC to uncover and address issues of waste, fraud, and abuse. Meanwhile, ADA experienced a slight dip of 3.20% over the last 24 hours, now trading at $0.7946.
