US Secretary of Commerce Howard Lutnick stated that the Department of Commerce intends to release economic statistical data on the blockchain, with the first indicator to be put on-chain being Gross Domestic Product (GDP).
Howard Lutnick said on Tuesday at a cabinet meeting hosted by President Donald Trump:
Because you are the 'Crypto President', the Department of Commerce will begin releasing statistical data on the blockchain.
He pointed out that GDP will be the first official economic data to be put on the blockchain, thereby expanding the application and distribution scope of the data. Other statistical data is expected to follow in the future, and once the specific technical details are confirmed, it may gradually be promoted to the entire US government.
Although important data collected by the Department of Commerce, such as the Census, is already publicly available, releasing it through blockchain would significantly enhance transparency and credibility.
Currently, the official timeline and the blockchain platform to be used have not been announced, and the public is waiting for more details.
Howard Lutnick previously stated: 'Technology is the core foundation of President Trump's term.'
This administration will leverage Bitcoin, digital assets, and blockchain to propel the United States forward and continue to solidify its leading position in the global economy.
This is not the first time the Trump administration has released friendly signals to the cryptocurrency industry. In addition to promoting a stablecoin backed by the US dollar to solidify the dollar's position as the global reserve currency, the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are also working to clarify which cryptocurrencies qualify as securities, thereby establishing a clear regulatory framework.
The cryptocurrency-friendly Howard Lutnick was appointed by Trump in February this year and officially took office as Secretary of Commerce. He is also the former chairman and CEO of global financial services giant Cantor Fitzgerald, which previously served as the custodian bank for USDT.
"The US will use blockchain to release 'economic data'! Secretary of Commerce: GDP will be the first on-chain". This article was originally published on (Blockcast).
