Elon Musk Proposes Blockchain Overhaul for U.S. Treasury

WASHINGTON, D.C. — Elon Musk, the billionaire entrepreneur and CEO of Tesla, has proposed a groundbreaking plan to place the U.S. Treasury on a blockchain, a move that could revolutionize federal financial systems. Musk, who now leads the Doge department of government efficiency under President Donald Trump, confirmed the initiative on social media platform X.

“Career Treasury officials are breaking the law every hour of every day by approving payments that are fraudulent or do not match the funding laws passed by Congress,” Musk posted, referencing a section of the United States code. “This needs to stop now!”

The proposal comes after Trump’s Treasury secretary, Scott Bessent, granted Doge department officials access to the federal payment system, which processes $5 trillion annually. Musk’s plan aims to use blockchain technology to enhance transparency, reduce fraud, and streamline government spending.

According to Bloomberg, Musk has been in discussions about leveraging blockchain to track federal spending, secure data, and manage payments. While it remains unclear whether Musk will use an existing blockchain like Bitcoin, Ethereum, or Dogecoin, or create a new one, the initiative has already sparked significant interest in the crypto market.

The Doge department, named after the popular Shiba Inu meme and its associated cryptocurrency, Dogecoin, has seen a surge in activity since Trump’s election. Dogecoin’s price has skyrocketed, fueled by Musk’s endorsement and his close ties to the Trump administration.

In his first week back in office, Trump established a cryptocurrency working group, chaired by venture capitalist David Sacks, to explore new regulations and the creation of a national cryptocurrency stockpile. Trump has repeatedly emphasized his goal of making the U.S. the “crypto capital” of the world, a vision he reiterated at the World Economic Forum in Davos.

Musk’s involvement in federal financial systems marks a significant shift in his role from tech innovator to government influencer. His previous attempts to integrate blockchain technology into X (formerly Twitter) were abandoned, but this new initiative could redefine how the U.S. government manages its finances.