DOGE Exposes $100B Loophole: Coinbase CEO Demands Blockchain Overhaul for U.S Treasury

DOGE saves $36B, pushing for blockchain in government spending.
Musk uncovers $100B loophole, seeks transparency through blockchain.
Coinbases Armstrong supports blockchain to audit government payments.

Elon Musks Department of Government Efficiency (DOGE) has made waves by saving U.S. taxpayers $36 billion in mere weeks. This initiative aims to transform the future of government spending through blockchain technology.

DOGE Launches A New Era for Government Operations

The Department of Government Efficiency launched by Elon Musk has saved US taxpayers $36.7 billion according to reports. The program seeks to reduce U.S. government spending by $2 trillion with its first savings at 1.8% of the target. After achieving notable results Coinbase CEO Brian Armstrong advocates for using blockchain technology to help make government spending more transparent.

In a recent social media post, Armstrong expressed approval of the progress of the DOGE initiative. He emphasized the potential benefits of using blockchain to track every government expenditure. Armstrong believed blockchain technology would allow public authorities to verify spending faster using real-time data during audits.

Blockchain enables anyone online to view data from a decentralized public record. This structured approach would transform how governments track and audit their financial expenses. Armstrongs views support Elon Musks objectives to limit government bureaucracy and enhance accountability through technology.

Musk Uncovers $100B Loophole

The DOGE program by Musk achieved results that extend beyond cost savings for tax-supported agencies. The agency found a $100 billion space where government funds get wasted every year. Payments under Social Security exist for people who have no official identification numbers in the system. This creates an opportunity for scams.

According to DOGE analysis, 50% of all payments appear to be fraudulent which represents $50 billion of wasted money. Musks team takes fast action by demanding better control over money transactions and payment classification. The initiative seeks to improve federal spending practices both in terms of performance and fraud prevention.

To be clear, what the @DOGE team and @USTreasury have jointly agreed makes sense is the following:

Require that all outgoing government payments have a payment categorization code, which is necessary in order to pass financial audits. This is frequently left blank, making
Elon Musk (@elonmusk) February 8, 2025

Many people support Musks demand for enhanced financial auditing and better payment classification. The reform package requires public entities to report their payment types accurately and more frequent updates to the DO-NOT-PAY list. These measures target money leaks and improve financial oversight across federal programs.

DOGEs Ambitious Blockchain Transformation

Musks idea to shift U.S Treasury operations to blockchain has attracted increased interest. Experts believe setting up this blockchain framework would put the US ahead as the leading blockchain innovator worldwide. Smardex co-founder Jean Rausis thinks decentralized infrastructure will unite features from Web2 and Web3 platforms.

DOGE has shown considerable potential for blockchains role in government efficiency. The agency has saved billions in under three weeks since its launch and seeks to reduce government spending and improve efficiency until July 4, 2026.

Musks agency aims to execute these reforms before the 250th anniversary of the U.S Declaration of Independence. The last part of DOGEs strategy aims to develop a new government system that works better with less bureaucracy. These successful completion of the project will demonstrate how blockchain technology can transform government operations.

Text source: TronWeekly

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