Elon Musk, head of the newly established federal agency DOGE (Department of Government Efficiency), has proposed integrating blockchain technology into U.S. Treasury transactions to enhance transparency and accountability.
Musk has been actively updating the public on his agency’s findings and recently took to X to criticize long-standing Treasury officials, accusing them of systemic legal violations. According to him, these officials have been authorizing fraudulent or unauthorized payments that do not align with Congressional funding laws, highlighting a severe lack of oversight. Expressing urgency, he stated, “This needs to stop NOW!”
His allegations caught the attention of newly confirmed Treasury Secretary Scott Bessent, who subsequently granted Musk and his agency access to the Treasury Department’s financial systems.
Following this, crypto entrepreneur Mario Nawfal publicly asked Musk whether the government should implement blockchain technology for Treasury transactions to mitigate these concerns. Musk responded with a decisive “Yes!”, endorsing the idea as a means to improve financial transparency.
Since Donald Trump took office, Musk has been exploring ways to cut government expenses through DOGE. Integrating blockchain technology appears to be a key part of this strategy.
Recent reports from Bloomberg, citing sources familiar with the matter, indicate that the Movement (MOVE) blockchain is among the leading candidates for adoption by DOGE. Although neither Musk nor the Movement team has confirmed this, the speculation alone drove a 12% increase in MOVE’s market value.
Additionally, Forbes has reported that sources close to Musk suggest blockchain technology could be used to secure government data, track federal expenditures, manage assets, and streamline payments. However, no specific blockchain has been confirmed for implementation.
Experts speculate that the government could adopt an established blockchain such as Bitcoin, Ethereum, or the XRP Ledger. Alternatively, it might opt to develop a new blockchain tailored for Treasury transactions, though this approach could be costly and counterproductive to DOGE’s mission of reducing federal spending.
Musk’s proposal has ignited discussions on the role of blockchain in government financial systems, with many supporting its potential to enhance transparency and efficiency. Whether or not the initiative moves forward, it marks a significant shift in how government agencies approach technological innovation.