RFK Jr.: ‘I’m Planning to Move the Entire U.S. Budget to the Blockchain’ | The Hill
Independent presidential candidate Robert F. Kennedy Jr. expressed his intention to transition the U.S. budget onto the blockchain, a digital ledger commonly associated with cryptocurrencies like bitcoin.
During a rally in Michigan, Kennedy stated, “I aim to transfer the complete U.S. budget to the blockchain so that every American citizen can access and scrutinize every budgetary detail round the clock.”
This proposed move towards blockchain technology is envisioned to enhance transparency and accountability in governmental expenditure. However, the practical implementation of recording all government transactions on the blockchain is acknowledged as a monumental undertaking.
It is worth noting that existing mechanisms such as legislative oversight and audits by entities like the Government Accountability Office already play crucial roles in monitoring federal spending.
Kennedy emphasized the potential impact of this initiative, highlighting that with “300 million eyeballs on our budget,” any extravagant expenses, akin to the notorious $640 toilet seat scandal of the 1980s, would be swiftly exposed to public scrutiny.
In embracing the digital realm, Kennedy has adopted cryptocurrencies for campaign contributions, including bitcoin, and has proposed linking the U.S. dollar to bitcoin if elected to the presidency later this year.
Despite his pro-cryptocurrency stance, Kennedy has voiced opposition to the concept of a central bank digital currency (CBDC), a sentiment shared by numerous Republicans, including former President Donald Trump.
While the Republican camp has been vocal in their resistance to CBDC, Federal Reserve Chair Jerome Powell has clarified that the issuance of a central bank digital currency would only occur under congressional authorization.
2024 Election Insights
Kennedy, known for his advocacy in the cryptocurrency sphere, has positioned himself as the sole cryptocurrency-friendly candidate amidst a presidential race primarily defined by the anticipated rematch between Trump and President Biden.
An independent organization, Stand With Crypto, which advocates for sensible regulations within the crypto industry, has rated Kennedy as a staunch supporter of cryptocurrencies. In contrast, Trump is deemed as supportive of crypto, while President Biden is categorized as unsupportive, despite his 2022 executive order outlining a strategy for fostering payment innovations and digital assets to bolster the U.S.’s competitive edge in global financial markets.
Tags: bitcoin, blockchain, cryptocurrency, Donald Trump, Joe Biden, RFK Jr.
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