Lutnick said blockchain-based statistics would soon be “available for the entire government.”
The U.S. Secretary of Commerce Howard Lutnick said the Department of Commerce will start issuing economic statistics on the blockchain.
“The Department of Commerce is going to start issuing its statistics on the blockchain, because you are the crypto president,” Lutnick said during a Tuesday cabinet meeting with President Donald Trump.
According to Lutnick, the Department of Commerce plans to issue GDP figures on the blockchain, allowing broader use for data and distribution. Other economic indicators could follow once implementation details are finalized, while Lutnick said blockchain-based statistics would soon be “available for the entire government.”
While the Commerce Department’s key data, such as the U.S. census, is already public, placing it on-chain may enhance trust and transparency.
Further details, including the implementation timeline and the specific blockchain to be utilized, have not been revealed. The Block has reached out to the Department of Commerce for further information.
“Technology is at the foundation of the Trump presidency,” Lutnick previously wrote in a post on social media platform X. “This Administration is going to use bitcoin, digital assets, and blockchain to drive America forward and remain the leader in the global economy.”
The integration of blockchain technology into economic data management is just one of many crypto advancements under the Trump administration. Others include promoting dollar-backed stablecoins to bolster the dollar’s global reserve status.
Under the current leadership, the Securities and Exchange Commission and the Commodity Futures Trading Commission have launched efforts to clarify which cryptocurrencies should or should not be classified as securities.
Meanwhile, Pro-crypto Lutnick was confirmed as secretary in February following his nomination by Trump. Lutnick previously served as chairman and CEO of global financial services firm Cantor Fitzgerald, a company he has been part of since 1983.
Cantor has acted as a custodian for Tether, the issuer of world’s largest stablecoin USDT. Lutnick has also spoken in support of USDT at the Bitcoin 2024 conference.
