RFK Jr. wants to put full government budget on blockchain for accountability

[ROBERT F. KENNEDY JR.]

“We’re gonna have 300 million eyeballs on our budget, and if somebody is spending $16,000 for a toilet seat, everybody’s gonna know about it.”

[LAUREN TAYLOR]

INDEPENDENT PRESIDENTIAL CANDIDATE ROBERT F. KENNEDY JR. WANTS YOU TO KNOW HOW MUCH THE GOVERNMENT IS SPENDING ON TOILET SEATS. 

DURING A CAMPAIGN STOP IN MICHIGAN ON SUNDAY — RFK JR PROPOSED USING BLOCKCHAIN TECHNOLOGY TO MANAGE THE U.S. BUDGET

[ROBERT F. KENNEDY JR.]

“I’m gonna put the entire US budget on blockchain so that every American can look at every budget item in the entire budget, anytime they want, 24 hours a day.”

[LAUREN TAYLOR]

BLOCKCHAIN TECHNOLOGY IS AN IMMUTABLE LEDGER, CRUCIAL FOR CRYPTOCURRENCIES AND SECURE DIGITAL TRANSACTIONS. DATA IS STORED IN BLOCKS LINKED BY CRYPTOGRAPHY, ENSURING THAT ONCE ADDED, INFORMATION IS TRANSPARENT, TAMPER-PROOF, AND PERMANENTLY UNALTERABLE.

BLOCKCHAINS ARE DECENTRALIZED, MEANING THEY ARE MAINTAINED BY MULTIPLE PARTICIPANTS ACROSS DIFFERENT LOCATIONS, NOT OWNED BY A SINGLE ENTITY. THIS CHARACTERISTIC MAKES THEM TRANSPARENT AND RESISTANT TO CONTROL OR INTERFERENCE BY ANY ONE PARTY.

LET’S HEAR FROM ONE OF ITS CO-INVENTORS TO EXPLAIN IT FURTHER.

[STUART HABER]

“If I promise to send you 17 Bitcoin you can’t turn that promise into a promise for 1,700 Bitcoin or 17 Bitcoin cents.”

[LAUREN TAYLOR]

KENNEDY POINTED TO HISTORICAL OVERPAYMENTS, LIKE THE TOILET SEATS, TO ILLUSTRATE HOW BLOCKCHAIN TECHNOLOGY COULD ENHANCE TRANSPARENCY IN GOVERNMENT SPENDING. 

HOWEVER THE CHALLENGE LIES IN THE COMPLEXITY OF RECORDING EVERY GOVERNMENT TRANSACTION ON THE BLOCKCHAIN, GIVEN THE FEDERAL BUDGET OF APPROXIMATELY 3.8 TRILLION DOLLARS.

THE GOVERNMENT ACCOUNTABILITY OFFICE HAS RAISED CONCERNS THAT WHILE BLOCKCHAIN TECHNOLOGY CAN INCREASE TRANSPARENCY, IT ALSO CARRIES SIGNIFICANT RISKS, SUCH AS VOLATILITY AND FRAUD.

KENNEDY CONTINUES TO ADVOCATE FOR CRYPTOCURRENCY TECHNOLOGY AS A TOOL TO BOLSTER THE U.S. ECONOMY — LAST YEAR HE OUTLINED SPECIFIC BITCOIN-FOCUSED POLICIES HE WOULD ENACT AS PRESIDENT INCLUDING BACKING THE DOLLAR WITH BITCOIN RESERVES AND MAKING BITCOIN PROFITS EXEMPT FROM CAPITAL GAINS TAXES.

[ROBERT F. KENNEDY JR.]

“My administration’s mission of making America the global hub of cryptocurrencies, particularly Bitcoin, as a means of incentivizing greater investment in green and renewable energy production and attracting engineering, investment and  innovation to our country. I will clarify some kind of sensible jurisdiction in governance that Bitcoin is not a security and should not be regulated as one.”

[LAUREN TAYLOR]

KENNEDY IS GAINING MOMENTUM, SECURING A SPOT ON MICHIGAN’S BALLOT—MAKING IT THE SECOND STATE AFTER UTAH TO LIST HIM AS A PRESIDENTIAL CANDIDATE. HIS CAMPAIGN AND SUPPORTERS CLAIM THEY’VE GATHERED ENOUGH SIGNATURES IN KEY STATES LIKE ARIZONA, GEORGIA, NEVADA, AND NORTH CAROLINA, THOUGH THESE ARE STILL AWAITING OFFICIAL VALIDATION.