Independent presidential candidate Robert F. Kennedy Jr. expressed his desire to move the U.S. budget onto blockchain, a record of transactions commonly linked with bitcoin and other digital currencies.
During a rally in Michigan, Kennedy stated, “I'm going to transfer the complete U.S. budget onto blockchain so that any American – every American – can view every budget item at any time, 24 hours a day.”
The public tracking of spending would theoretically increase transparency and accountability in the government's use of taxpayer funds, though transitioning every government transaction to the blockchain would be a monumental challenge.
Federal spending is also regulated through publicly available legislation, and government departments are frequently audited by oversight bodies like the Government Accountability Office and their own inspectors general.
Kennedy mentioned, “We’re going to have 300 million sets of eyes on our budget, and if someone is spending $16,000 for a toilet seat, everyone will be aware of it,” possibly alluding to past scandals regarding exorbitant costs for items like toilet seats charged to the Pentagon in the 1980s. replacement toilet seat covers in 2018.
Kennedy has shown support for digital assets by accepting campaign donations in bitcoin and highlighting plans to link the U.S. dollar with bitcoin if he wins the White House in November.
However, Kennedy has publicly opposed the idea of a central bank digital currency (CBDC), which the Federal Reserve is currently exploring, as have many Republicans including former President Trump.
While Republicans have opposed the creation of CBDC, Federal Reserve Chair Jerome Powell stated that the central bank will not create one unless ordered by Congress through legislation.
The Independent firebrand has described himself as the only pro-cryptocurrency candidate in the presidential race, running a campaign that faces long odds against the clash between Trump and President Biden.
Stand With Crypto – a 501(c)(4) nonprofit launched by grassroots advocates and the crypto exchange giant Coinbase aiming to promote clear, practical regulations for the crypto industry – labels Kennedy as “strongly supportive of crypto.”
The advocacy group rates Trump as “supportive” of crypto and Biden as “against” it, although Biden did issue an executive order in 2022 outlining plans for “the responsible development of payment innovations and digital assets” to maintain U.S. dominance in global financial markets.
