At a recent rally in Michigan, independent presidential candidate Robert F. Kennedy Jr. announced a proposal to increase transparency in government spending by recording the entire U.S. budget on blockchain.
This technology, more commonly associated with Bitcoin and other cryptocurrencies, allows all Americans to view all items on their 24-hour budget at any time.
Mr. Kennedy highlighted the potential for greater accountability and transparency through this public ledger system. However, he acknowledged that moving all government transactions to blockchain technology is a major challenge.
Robert F. Kennedy Jr. also mentioned backing the US dollar with Bitcoin
Federal spending is subject to legislative regulation and public oversight, and is frequently audited by agencies such as the Comptroller General and various inspectors general within federal departments. Sen. Kennedy emphasized this transparency, saying that questionable spending, such as historic cases in the 1980s and 2018 where the Pentagon reportedly overspent on items such as toilet seats, is quickly exposed by the public. He pointed out the government's strict surveillance.
Sen. Kennedy, a vocal proponent of digital currencies, has accepted Bitcoin as a campaign fund and even proposed backing the US dollar with Bitcoin if he is elected president in November. However, he has taken a stand against the concept of a central bank digital currency (CBDC), saying it is being considered by the Federal Reserve but would not be developed without specific approval from Congress. This position aligns Kennedy with former President Trump and other Republicans who are cautious about adopting CBDCs.
Mr. Kennedy is positioning himself as a unique pro-cryptocurrency presidential candidate in the current election climate, which is dominated by a confrontation between President Biden and former President Trump. His efforts in cryptocurrencies have been recognized by Stand With Crypto, an advocacy group formed by grassroots advocates and cryptocurrency exchange Coinbase, which calls him a “strong supporter” of the industry. I rate it as such.
In contrast, the group views Trump as “supporting” and Biden as “against,” although Biden is expected to take responsibility for payments innovation and digital assets in 2022 to strengthen U.S. leadership in global finance. He signed an executive order promoting a certain initiative.
Diverse opinions on Robert F. Kennedy Jr.'s announcement
Proposals to increase citizen engagement and oversight through widespread use have elicited mixed reactions. Many embrace this initiative as an important step towards true transparency. User X highlighted that transparent public accounting could be one of the best uses of blockchain technology, along with supply chain management. Users emphasized the need for public accountability, especially when collusion between government agencies could undermine traditional checks and balances, and singled out the president and Congress in particular.
However, critics have expressed skepticism about the feasibility of deploying blockchain at scale, citing the technology's challenges in accurately processing complex real-world data. Additionally, some have suggested that the concept should be expanded to include real-time voting via blockchain to further enhance public participation and oversight.
