In an outstanding and revolutionary move, Robert F. Kennedy Jr., a third-party candidate for President, launched a scheme to redesign the method of government spending tracking. During the rally in Michigan on Sunday, Kennedy mentioned his plan to use blockchain technology to display the whole budget year online. This revolutionary strategy will allow the public to obtain statistics on federal expenditure in real-time, with the possibility of taking action on any issue they find interesting to examine.
Implementing blockchain technology in public accounting, Kennedy’s proposal could help bring more transparency and accountability into how the taxpayer’s money is being spent. Kennedy hopes to decrease corruption and misappropriation of public funds by rendering all government transactions transparent and traceable on blockchain. He emphasized the historical background of his idea by considering past government spending scandals, including the openly known high price of military toilet seats in the 1980s and 2018.
For Kennedy, preventing such corruption using blockchain technology would allow every citizen to scrutinize how public funds are spent and avoid such ludicrous examples as a $16,000 toilet seat. Such transparency may deter unnecessary and excessive spending by revealing it publicly.
In Kennedy’s opinion, blockchain technology use would ensure that government expenditures beyond the level of the public would not go unnoticed. This means that if a person spent a disproportionate amount on a toilet seat, the whole world would know about it. Fundamentally, blockchain could be an obstacle by exposing government officials to public scrutiny and transparency regarding wasteful spending.
During his campaign, Kennedy was also vocal about allocating funds for blockchain technology and supporting digital assets. He openly accepted the Bitcoin donations and even proposed that Bitcoin would back the U.S. dollar if he succeeded in the President’s race. This position makes him stand out and sets him apart from both current and past administrations because the latter supports the creation of a central bank digital currency by the Federal Reserve. On the other hand, Kennedy’s overall support of crypto got him a “strongly supportive” rating from Stand With Crypto, a crypto advocacy group.
Stand With Crypto, a 501(c)(4) nonprofit with the support of grassroots advocates and Coinbase, presents Kennedy as the most pro-digital currency presidential candidate amidst a political environment in which digital currencies and their regulations are heated topics. However, the group evaluated Trump as “supportive” and Biden as “against” crypto. Nevertheless, Biden created an executive order in 2022 to foster responsible use of digital assets, aiming to maintain U.S. leadership in global financial markets.
Kennedy has a different stance and strongly advocated cryptocurrencies, setting him apart from other well-known candidates like Donald Trump and Joe Biden. Throughout the campaign, Kennedy repeatedly stated the significance of blockchain technology and digital currencies in speeding up government transparency and developing better economic strategies based on the latest technologies.
