Summary
- Commerce Secretary Howard Lutnick revealed that his department will start publishing economic data “on the blockchain,” positioning it as part of the Trump administration’s engagement with the cryptocurrency space.
- Lutnick did not specify which blockchain would be utilized or how this system could enhance government operations.
- The program could extend beyond the Commerce Department, with Lutnick suggesting potential implementation across the entire U.S. government.
U.S. Commerce Secretary Howard Lutnick announced on Tuesday that his department will begin publishing economic data “on the blockchain” as the Trump administration takes steps to connect with the crypto industry.
“The Department of Commerce is going to start releasing its statistics on the blockchain because you are the crypto president,” Lutnick told a nodding President Donald Trump during a cabinet session on Tuesday afternoon.
Lutnick further explained that his department intends to provide GDP data “on the blockchain so individuals can utilize the blockchain for data dissemination.” He suggested that the initiative would soon be accessible to “the entire government.”
What does this imply? At this point, it’s uncertain. For instance, which blockchain network Lutnick plans to utilize for storing these government statistics remains unclear, as well as how this approach may aid the Commerce Department and other agencies in achieving their objectives.
The Commerce Department has not yet responded to Decrypt’s request for clarification regarding Lutnick’s comments.
Those familiar with the crypto sector may recognize the term “on the blockchain” as a well-known marketing phrase from 2018 that once filled press releases and headlines, yet is rarely used today without irony.
This is due to the fact that “the blockchain” can refer to numerous cryptocurrency networks—including Ethereum, Solana, Algorand, and VeChain—with each possessing distinct functionalities, designs, purposes, and audiences.
Lutnick has strong connections within the crypto industry. His Wall Street firm, Cantor Fitzgerald, has ties to stablecoin issuer Tether—the entity behind the leading stablecoin, USDT—and reportedly manages a large portion of the company’s U.S. Treasury reserves. Cantor is also currently exploring a multi-billion dollar acquisition of Bitcoin.
The Commerce Department oversees critical data-collection tasks for the federal government, such as the U.S. census. While this data is already publicly accessible, the main benefits of on-chain data—visibility and transparency—might be redundant, unless Lutnick has more extensive plans yet to be disclosed.
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