Robert F. Kennedy Jr. Proposes Putting U.S. Federal Budget on Blockchain

Robert F. Kennedy Jr., an independent candidate for the 2024 U.S. presidential election, has proposed putting the entire federal budget of the United States on a blockchain to increase transparency and accountability in government spending. Kennedy believes this move would allow the country's 300 million citizens to track how their tax dollars are being spent and hold the government accountable.

Under Kennedy's proposal, every budget item and spending transaction would be recorded on a decentralized blockchain network, providing real-time, public access to the information. "This would allow any American to view every budget item 24/7," Kennedy stated. He claims this level of transparency would enable the public to identify any wasteful or questionable expenditures, such as "$16,000 for a toilet seat."

While federal spending is already publicly available through legislation and government audits, Kennedy argues that the blockchain would offer a more accessible and user-friendly platform for citizens to monitor the budget. However, experts note that moving the entire federal budget to a blockchain would be a significant technical challenge due to the scale and complexity of government spending, as well as the need to keep certain sensitive information private.

Why this matters: Kennedy's proposal reflects a growing interest in leveraging blockchain technology to enhance government transparency and accountability. If implemented, it could set a new standard for public oversight of government spending, potentially reducing corruption and wasteful expenditures.

In addition to his blockchain budget proposal, Kennedy has embraced digital assets in his campaign. He has accepted campaign donations in Bitcoin and has proposed backing the U.S. dollar with the cryptocurrency if elected. However, he has opposed plans for a central bank digital currency (CBDC), which the Federal Reserve is currently exploring, arguing that it would threaten Americans' constitutional rights.

Kennedy's stance on digital currencies has positioned him as a pro-cryptocurrency candidate in the 2024 presidential race, in contrast to the positions of former President Donald Trump and President Joe Biden. While Kennedy remains a longshot candidate, his proposals have drawn attention and praise from cryptocurrency advocates who see him as a champion for decentralized technologies in government.

Key Takeaways

• RFK Jr. proposes putting US federal budget on blockchain for transparency.
• Blockchain would allow public to track spending and identify waste.
• Experts note technical challenges in implementing this at scale.
• RFK Jr. accepts crypto donations, opposes CBDC, positioned as pro-crypto.
• Proposal draws attention from crypto advocates, but RFK remains longshot.