Coinbase CEO Brian Armstrong is calling for the U.S. government to adopt on-chain spending, a blockchain-based approach that could bring greater transparency and accountability to public finances.
The Coinbase CEO’s comments come after Elon Musk’s Department of Government Efficiency (DOGE) reportedly saved $36.7 billion by cutting unnecessary expenses.
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
On-chain spending means tracking every dollar of government expenditure on a public blockchain. This system would allow taxpayers to see exactly where their money goes, making it harder for funds to be misused or wasted.
Furthermore, Armstrong believes blockchain technology can revolutionize public finance, just as it has disrupted traditional banking. He recently praised the progress of Musk’s DOGE initiative. Additionally, Armstrong urged the government to consider a more transparent, decentralized approach to managing taxpayer money.
Great progress @DOGE
Imagine if every government expenditure was done transparently onchain. Would make it much easier to audit.https://t.co/lpHhQhN4Ji
— Brian Armstrong (@brian_armstrong) February 8, 2025
He wrote, “Great progress @DOGE. Imagine if every government expenditure was done transparently on-chain. Would make it much easier to audit.”
Blockchain technology has no doubt been a game-changer in recent years. Musk’s cost-cutting measures have intensified the conversations about the need for blockchain in public funds. Supporters argue that a decentralized system would reduce waste, prevent corruption, and increase transparency.
Could This Happen?
While the idea of blockchain-based governance is gaining traction, the U.S. government has yet to explore serious policy changes in this direction. However, as crypto adoption grows, Armstrong’s push for on-chain transparency could spark deeper discussions on how blockchain fits into the future of public finance.
Coinbase Achieves Major Milestone
Recent reports revealed that Coinbase currently has over $420 billion in assets under management, making it more valuable than the 21st largest bank in the U.S., according to Armstrong.
If you think of Coinbase like a bank, we now hold about $0.42T in assets for our customers, which would make us 21st largest bank in the US by total assets, and growing.
If you think of us more like a brokerage, we’d be the 8th largest brokerage today by AUM.
If you think of us…
— Brian Armstrong (@brian_armstrong) February 7, 2025
“If you think of Coinbase like a bank, we now hold about $0.42T in assets for our customers, which would make us the 21st largest bank in the US by total assets, and growing. If you think of us more like a brokerage, we’d be the 8th largest brokerage today by AUM,” Armstrong wrote on X.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.
Copyright Altcoin Buzz Pte Ltd.