Elon Musk, the lead of the Department of Government Efficiency, backed the idea of using blockchain technology on Sunday to streamline the U.S. Treasury.
What happened: The Tesla and SpaceX CEO accused the Treasury Department officials of flouting rules to sanction government payments.
"Career Treasury officials are breaking the law every hour of every day by approving payments that are fraudulent or do not match the funding laws passed by Congress," Musk wrote in an X post.
Musk cited 31 U.S.C. Section 3325, which requires government disbursing officials to obtain certification from the head of the relevant executive agency before authorizing such payments.
In response, widely followed X user Mario Nawfal asked Musk whether it would be wise to place the Treasury on the blockchain to plug these holes, to which the tech titan said, “Yes.”
See Also: Elon Musk’s Tesla Records $600 Million In Paper Gains On Bitcoin In Q4 Thanks To New Accounting Rule
Why It Matters: The blockchain idea comes a week after reports that Musk was contemplating the use of a digital ledger to support his federal spending plans at the Department of Government Efficiency, also called DOGE. The blockchain would be utilized to track spending, secure data, and make payments.
The development comes on the heels of reports that DOGE was seeking access to the payment systems of the Treasury Department.
The Department of Government Efficiency, or DOGE, is an entity tasked with cutting federal spending and abolishing meaningless regulations. The agency was hit with a barrage of lawsuits shortly after Trump took office as president last month.
Price Action: At the time of writing, Dogecoin DOGE/USD, the cryptocurrency symbolically linked to the department, was exchanging hands at $0.3308, crashing 21.72% in the last 24 hours, according to data from Benzinga Pro.
Image via Shutterstock
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