Independent presidential candidate Robert F. Kennedy Jr. has laid out an ambitious vision to bring unprecedented transparency and accountability to the U.S. federal budget by leveraging blockchain technology. Emphasizing the potential for public scrutiny, Kennedy’s proposal aims to put “the entire U.S. budget on blockchain,” allowing Americans to review every budget item around the clock.
During a recent rally in Michigan, Kennedy underscored his commitment to transparency, telling attendees, “Every American can look at every budget item in the entire budget, anytime they want, 24 hours a day. We’re gonna have 300 million eyeballs on our budget.” His comments come at a time when federal spending is under intense public scrutiny.
Blockchain technology offers a decentralized and secure ledger for recording transactions, which, in Kennedy’s plan, would provide a real-time account of government spending. This could theoretically shine a light on wasteful expenditures, as Kennedy suggested by referencing past scandals over expensive government purchases, such as the Pentagon’s notorious overpriced toilet seats.
Kennedy, who has accepted campaign contributions in bitcoin and expressed interest in backing the U.S. dollar with the cryptocurrency if elected, stands against the tide of proposals for a central bank digital currency (CBDC), a stance shared by many Republicans including former President Trump. The Federal Reserve has indicated that it would not create a CBDC without congressional legislation.
Some within the crypto community have hailed Kennedy’s proposal as “forward-thinking,” others question its feasibility. Despite the skepticism and Kennedy’s position as an underdog in the race dominated by President Biden and Trump, he continues to push forward with his pro-cryptocurrency agenda.
Kennedy stated that a blockchain-based budget would allow citizens to detect and question any suspicious expenses, possibly preventing misuse of tax funds. Additionally, his support for Bitcoin as a solid currency differs significantly from his opinions on CBDCs, which he cautions could result in increased government surveillance of individuals’ financial transactions.
The concept of a blockchain-based U.S. budget is in line with the larger discussion on government transparency and cryptocurrency regulations. Kennedy believes that such a budget would enable citizens to identify and challenge any questionable expenses, potentially averting misuse of tax funds. Furthermore, his endorsement of Bitcoin as a stable currency contrasts sharply with his views on CBDCs, which he warns could lead to heightened government monitoring of individuals’ financial activities.
Relevant articles:
– RFK Jr.: ‘I’m gonna put the entire US budget on blockchain’, thehill.com, 04/23/2024
– RFK Jr.: “I’m Gonna Put the Entire U.S. Budget on Blockchain”, DailyCoin, Mon, 22 Apr 2024 20:30:00 GMT
– Robert F. Kennedy Jr. Plan to Bring U.S. Budget to Blockchain in 2024 Election Bid, Coinpedia Fintech News, Tue, 23 Apr 2024 05:32:49 GMT
– RFK Jr. has a new plan for government transparency: ‘Budget on blockchain’, Washington Examiner, Mon, 22 Apr 2024 19:03:47 GMT