Robert F. Kennedy Jr. Suggests Putting 2024 US Budget on Blockchain

Robert F. Kennedy Jr. unveiled his plans to revolutionize the U.S. budget management by implementing blockchain technology. Kennedy aims to enable full public access to the federal budget, allowing Americans to review every item on the budget at any time. He believes that this visibility will increase transparency and accountability in government spending.

Kennedy’s proposal involves recording all government transactions on a blockchain, similar to those used for bitcoin and other cryptocurrencies. This would potentially expose any excessive expenditures, as in his example of costly government spending on toilet seats. While the plan promises enhanced public oversight, it also presents a significant challenge in shifting all federal transactions to a blockchain-based system.

Currently, federal spending undergoes scrutiny through various channels. Legislation controls the budget, with details publicly accessible. Additionally, entities like the Government Accountability Office and departmental inspectors general conduct regular audits. Kennedy’s approach would add a layer of public involvement by providing real-time oversight through the blockchain.

Kennedy’s Stance on Cryptocurrencies and Digital Assets

Kennedy not only advocates for blockchain technology in government but also supports the broader use of cryptocurrencies. He has been accepting bitcoin for campaign contributions and has proposed backing the U.S. dollar with bitcoin if elected. However, he opposes the creation of a central bank digital currency (CBDC), a stance shared by former President Donald Trump and other Republicans.

The Federal Reserve has explored the idea of a CBDC, but Chair Jerome Powell has stated that it will not move forward without legislative approval from Congress. In contrast, President Biden has initiated measures for the development of digital assets to maintain U.S. leadership in global finance through an executive order in 2022.

Kennedy describes himself as the most pro-cryptocurrency presidential candidate. His campaign is closely watched by crypto advocates, including Stand With Crypto, a nonprofit backed by Coinbase, which rates Kennedy as highly supportive of the cryptocurrency industry. This rating contrasts with the moderate support from Trump and opposition from Biden, reflecting the varied political perspectives on the future of digital assets in U.S. governance.