“I’m planning to transfer the entire United States budget onto blockchain so that any American — every American can access every budget item in the entire budget at any time they desire 24 hours a day,” Kennedy stated on Sunday during a rally in Michigan.
This public unveiling of spending would, theoretically, enhance openness and answerability regarding how the federal government utilizes taxpayer funds.
However, transitioning government transactions to the blockchain would pose a significant challenge. There is already some level of insight into federal spending through the legislation that governs it, and oversight entities like the Government Accountability Office and inspectors general can conduct audits on departments.
“We will have 300 million pairs of eyes on our budget, and if someone is purchasing a $16,000 toilet seat, everyone will be informed,” Kennedy remarked, seemingly alluding to incidents such as the notorious $640 the Pentagon spent per toilet seat in the 1980s.
Kennedy has shown support for cryptocurrencies, receiving campaign contributions in bitcoin and promoting intentions to support the U.S. dollar with bitcoin if elected president.
Nevertheless, Kennedy has expressed opposition to proposals for a central bank digital currency (CBDC), a sentiment shared by many Republicans, including former President Trump.
While the Federal Reserve is currently “exploring” a CBDC, Fed Chair Jerome Powell stated that the central bank will not develop one without a mandate from Congress.
The Independent maverick has positioned himself as the sole pro-crypto presidential candidate in a race overshadowed by the anticipated rematch between Trump and President Biden.
Kennedy is described as being “ strongly in favor of crypto” according to an evaluation by Stand With Crypto, a 501©(4) nonprofit established by grassroots advocates and the crypto exchange behemoth Coinbase that advocates for lucid, practical regulations for the crypto sector.
The advocacy organization rates Trump as “ supportive” of crypto and Biden as “ opposed” to it, despite the incumbent issuing a 2022 executive order calling for “the responsible advancement of payment innovations and digital assets” to help the U.S. uphold its supremacy in global financial markets.
For further insights, The Hill’s Taylor Giorno provides additional details here.