U.S. Department of Commerce to Start Using Blockchain Tech
Howard Lutnick, the Secretary of the U.S. commerce, introduced on Tuesday that his division plans to concern key financial knowledge on blockchain expertise quickly. Within the presence of President Donald Trump and different cupboard members, Lutnick stated that his division will quickly concern GDP knowledge on the blockchain to reinforce transparency.
Based on Lutnick, the Division of Commerce will lead different authorities companies in adopting blockchain expertise. Furthermore, the blockchain adoption was a key agenda of the Trump administration as promised throughout the 2024 campaigns.
“The Division of Commerce goes to begin issuing its statistics on the blockchain as a result of you’re the crypto president. going to make that out there to the whole authorities so all of you are able to do it,” Lutnick stated.
U.S. Authorities Companies Adopts Blockchain Expertise
A number of United States authorities companies have adopted blockchain expertise through the years to reinforce transparency and effectivity. For example, the Commodity Futures Buying and selling Fee (CFTC) is working a pilot program on tokenized collateral and stablecoin-based monetary transactions.
The Division of Protection partnered with SIMBA Chain to trace high-value components by way of a blockchain ledger. Just lately, SEC Chair Paul Atkins highlighted that the company is eager on adopting blockchain expertise to modernize the U.S. monetary markets.
The U.S. SEC has been working an initiative dubbed ‘Undertaking Crypto’ which is geared to implement President Trump’s agenda of the web3 area.
Market Implication
The adoption of blockchain expertise by the USA authorities will considerably legitimize the crypto trade. Moreover, a lot of the U.S. authorities companies arr not creating their blockchains however as a substitute tapping on present public chains.
Consequently, the crypto market will achieve extra bullish sentiment in the long term amid the notable capital injection from institutional traders.
