Howard Lutnick, the Secretary of the U.S. commerce, announced on Tuesday that his department plans to issue key economic data on blockchain technology soon. In the presence of President Donald Trump and other cabinet members, Lutnick said that his department will soon issue GDP data on the blockchain to enhance transparency.
According to Lutnick, the Department of Commerce will lead other government agencies in adopting blockchain technology. Moreover, the blockchain adoption was a key agenda of the Trump administration as promised during the 2024 campaigns.
“The Department of Commerce is going to start issuing its statistics on the blockchain because you are the crypto president. going to make that available to the entire government so all of you can do it,” Lutnick stated.
U.S. Government Agencies Adopts Blockchain Technology
Several United States government agencies have adopted blockchain technology over the years to enhance transparency and efficiency. For instance, the Commodity Futures Trading Commission (CFTC) is running a pilot program on tokenized collateral and stablecoin-based financial transactions.
The Department of Defense partnered with SIMBA Chain to track high-value parts via a blockchain ledger. Recently, SEC Chair Paul Atkins highlighted that the agency is keen on adopting blockchain technology to modernize the U.S. financial markets.
The U.S. SEC has been running an initiative dubbed ‘Project Crypto’ which is geared to implement President Trump’s agenda of the web3 space.
Market Implication
The adoption of blockchain technology by the United States government will significantly legitimize the crypto industry. Furthermore, most of the U.S. government agencies arr not developing their blockchains but instead tapping on existing public chains.
As a result, the crypto market will gain more bullish sentiment in the long run amid the notable capital injection from institutional investors.
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