During a rally in Michigan, Kennedy announced his intention to put the entire U.S. budget on the blockchain, making every budget item accessible and viewable by every American at any time of the day. This move aims to increase transparency and accountability in how taxpayer money is spent by the federal government.
However, transitioning government transactions to the blockchain would be a complex and challenging task. While federal spending is currently subject to some visibility and oversight through existing legislation and government watchdogs such as the Government Accountability Office and inspectors general who can audit departments, implementing blockchain technology would require significant changes in how funds are managed and tracked.
Kennedy highlighted the potential impact of such transparency, referencing previous reports of exorbitant spending like the $640 Pentagon-paid toilet seat in the 1980s. He has shown support for cryptocurrencies by accepting bitcoin campaign donations and advocating plans to back the U.S. dollar with bitcoin if elected president.
Despite his support for cryptocurrencies, Kennedy opposes the idea of a central bank digital currency (CBDC), a stance shared by many Republicans, including former President Trump. The Federal Reserve is considering a CBDC, but Chair Jerome Powell emphasized that a decision to create one would require a directive from Congress.
Kennedy positions himself as an advocate for cryptocurrencies, positioning himself as unique among presidential candidates in a field dominated by traditional finance candidates like Trump and Biden. Organizations like Stand With Crypto rate Kennedy as strongly supportive of crypto, contrasting him with Biden, who has been labeled as against it. However, Biden issued an executive order in 2022 endorsing responsible development of payment innovations and digital assets to maintain U.S leadership in global financial markets.
In conclusion, while putting the entire U.S budget on blockchain would be beneficial for transparency and accountability in government spending, it is not without challenges that must be addressed before implementation can take place effectively
