Elon Musk-headed Department of Government Efficiency could tap blockchain technology to support its objectives of cutting federal spending, according to a report on Saturday.
What happened: Musk, who floated the idea of the so-called agency, was contemplating the use of a digital ledger to track spending, secure data, and make payments, Bloomberg reported, citing people with knowledge of discussions
Executives from the newly formed organization have also met with representatives of public blockchains to study their technology for possible integration.
The Department of Government Efficiency didn't immediately return Benzinga's request for comment.
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Meanwhile, cryptocurrency mogul Justin Sun used the opportunity to pitch his Tron TRX/USD blockchain to Musk.
Why It Matters: The report comes amid cryptocurrency-friendly measures undertaken by the new Donald Trump administration to strengthen U.S. leadership in the expanding industry.
Last week, Trump signed executive orders to evaluate a strategic national digital asset stockpile and halt the creation of central bank digital currencies.
The Department of Government Efficiency, or DOGE, is an entity tasked with cutting federal spending and abolishing meaningless regulations. However, the agency was hit with many lawsuits shortly after Trump took office as president last week.
Price Action: At the time of writing, Dogecoin DOGE/USD, the cryptocurrency to which the department alludes, was exchanging hands at $0.3308, down 7% in the last 24 hours, according to data from Benzinga Pro.
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