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- Elon Musk voiced strong criticism of current practices in the US Treasury, calling for urgent reforms while approving the use of blockchain technology.
- Sources suggest Musk is weighing options between existing blockchains like Bitcoin and Ethereum or creating a custom-built solution for federal applications.
Elon Musk, who’s leading the Department of Government Efficiency (DOGE), has recently shared his take on using blockchain technology to manage the US Treasury operations. In response to a question posed on X, Musk replied with a resounding “Yes!”
In a post on the X platform, Elon Musk took a sharp attack on the way the United States Code which outlines how some government payments are approved. He wrote: “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!”
Last week, The New York Times reported that Trump’s Treasury Secretary, Scott Bessent, granted the DOGE department access to the federal payment system, which handles $5 trillion annually on behalf of the U.S. government. Additionally, Musk engaged in discussions about leveraging blockchain technology to reduce costs, as previously reported by CNF. Since its inception, the DOGE department has been actively exploring methods to help the U.S. government cut expenses and tackle the national debt.
Elon Musk Reportedly Exploring Blockchain Use for U.S. Treasury Operations
Unnamed sources close to Elon Musk have revealed that discussions are underway about implementing blockchain technology within the U.S. Treasury. Potential applications include tracking federal spending, securing sensitive data, processing payments, and managing federal assets like buildings.
However, it remains unclear whether Musk intends to adopt an existing blockchain—such as Bitcoin, Ethereum, or Dogecoin—or to develop a new, custom-built solution. Should the latter be pursued, it would likely fall under the purview of Trump’s crypto task force. The task force is already tasked with creating a digital asset stockpile and establishing a Bitcoin reserve, adding to its growing list of responsibilities, as mentioned previously in our report.
Recent reports also suggest Elon Musk is exploring blockchain solutions to improve U.S. government efficiency, with platforms like Ripple, Cardano, or Algorand potentially in consideration. This has sparked speculation that Musk may be spearheading a groundbreaking initiative to revolutionize transaction management for governments and businesses alike.
Countries such as Estonia and the UAE have already implemented large-scale blockchain systems. However, Musk’s involvement could propel the adoption and capabilities of the technology to unprecedented levels, potentially reshaping the landscape of digital governance.
