Coinbase’s chief executive, Brian Armstrong, has publicly voiced his support for greater transparency in government expenditure, following the successful efforts of Elon Musk’s Department of Government Efficiency (DOGE). To date, DOGE has saved American taxpayers an impressive $36.7 billion. Now, crypto industry figures are urging the government to adopt blockchain technology, which could offer a transparent foundation for fiscal systems. This is because decentralized blockchain ledgers offer real-time validation capabilities for anyone with an internet connection.
There’s growing support for the idea that a blockchain version of the treasury could mandate spending initiatives, thereby only allowing specific transactions to be completed if a majority of citizens were in favor. Musk’s non-government agency, DOGE, and the U.S. Treasury have recently reached an agreement on this, following the discovery of a $100 billion annual loophole in government spending.
Musk underscored his belief in blockchain technology during his proposal to transition the US Treasury to blockchain infrastructure. This, according to Jean Rausis, co-founder of decentralized finance platform Smardex, could position the U.S. as an undisputed global leader in blockchain innovation. Rausis pointed out the importance of permissionless blockchain technology to ensure genuine transparency.
Just three weeks after the official launch of the DOGE website, Musk’s agency has managed to save taxpayers $36 billion. DOGE aims to conclude its work by July 4, 2026, with a goal of creating “a smaller government with more efficiency and less bureaucracy.” On its completion, there will be a new plan issued to coincide with the 250th anniversary of the U.S. Declaration of Independence.