Transparency on the Blockchain: Kennedy Proposes U.S. Budget Decentralization and His Stance on Cryptocurrency in 2023 Presidential Race
During a rally in Michigan, Kennedy proposed placing the entire U.S. budget on the blockchain to enhance transparency and accountability in federal spending. However, this move would require significant effort, as there are already mechanisms in place to track government transactions through legislation and oversight from agencies such as the Government Accountability Office.
Kennedy highlighted the potential for public scrutiny by stating that with 300 million “eyeballs” on the budget, any questionable spending, like the reported $640 toilet seat purchase by the Pentagon in the 1980s, would be quickly discovered. The politician has shown support for cryptocurrencies by accepting campaign donations in bitcoin and advocating for backing the U.S. dollar with bitcoin if elected.
Despite his support for crypto, Kennedy has voiced opposition to a central bank digital currency (CBDC), aligning with other Republicans, including former President Trump. The Federal Reserve is considering a CBDC but stated it would not proceed without direction from Congress. Kennedy positions himself as the primary pro-crypto candidate in a presidential field dominated by Trump and President Biden.
An analysis by Stand With Crypto rates Kennedy as strongly supportive of crypto, contrasting with Trump, who is labeled as supportive and Biden, who is deemed against it. However, Biden issued an executive order in 2022 promoting responsible development of payment innovations and digital assets to maintain the U.S.’s leadership in global financial markets.
In conclusion, Kennedy’s proposal of placing the entire U.S budget on blockchain has garnered attention due to its potential to increase transparency and accountability in federal spending while allowing every American to view every budget item at any time. While this move requires significant effort due to existing mechanisms already put in place to track government transactions through legislation and oversight from agencies like GAO; it’s still an important step towards making government more transparent and accountable.
Moreover, Kennedy’s stance on cryptocurrency aligns with his belief that backing US dollar with Bitcoin can be beneficial if he becomes president; however he also opposes central bank digital currency (CBDC) which is something that other Republicans including former President Trump share similar views on.
In contrast to Trump’s position of being supportive of crypto while opposing CBDC; Biden issued an executive order promoting responsible development of payment innovations and digital assets while labeling Trump as supportive but against CBDC alignment.
Overall Stand With Crypto rates Kennedy strongly supportive of crypto compared to both Trump and Biden who are seen as having mixed views towards crypto but favorable towards its responsible use for promoting financial innovation globally.
