Coinbase CEO calls for blockchain-based US Treasury

Elon Musk’s Department of Government Efficiency (DOGE) claims to have saved US taxpayers $36.7 billion, prompting calls from crypto industry leaders for greater transparency in government spending through blockchain technology.

According to Doge-tracker data, the savings represent just 1.8% of Musk’s goal to reduce US government spending by up to $2 trillion. Musk outlined this vision during a Jan. 9 interview with political strategist Mark Penn.

*$36 billion saved for US taxpayers. Source: Doge-tracker*

The claims by DOGE have drawn attention from cryptocurrency leaders, with Coinbase CEO Brian Armstrong taking to social media to advocate for increased government transparency.

“Great progress DOGE,” Armstrong wrote in a Feb. 9 X post.

Blockchain proponents argue that decentralized ledgers could offer a more transparent foundation for financial systems by allowing real-time, public verification of government transactions.

Some have even floated the idea of a blockchain-based treasury where mandatory spending proposals would be subject to public voting.

DOGE and US Treasury address potential $100 billion loophole

Musk’s agency and the US Treasury have apparently reached a new joint agreement after discovering a potential $100 billion yearly loophole in governmental spending.

In a Feb. 8 X post, Musk claimed that some government benefits were being paid out to individuals without a valid Social Security number or temporary identity number, calling the situation “extremely suspicious.”

“When I asked if anyone at Treasury had a rough guess for what percentage of that number is unequivocal and obvious fraud, the consensus in the room was about half, so $50B/year or $1B/week!! This is utterly insane and must be addressed immediately.”

The first such criteria will require that all government payments have a payment categorization code, which was “frequently left blank, making audits almost impossible,” Musk said.

The payments will also have to include a “rationale” which was previously “left blank,” while Musk also pushed for the “DO-NOT-PAY list of entities” to be updated on a weekly or daily basis instead of the current yearly updates.

The US Treasury has not publicly confirmed Musk’s claims.

Musk’s proposal to move the US Treasury to the blockchain could make the US a “de facto global leader in blockchain innovation,” according to Jean Rausis, co-founder of decentralized finance platform Smardex.

He told Cointelegraph:

“While it’s hard to say which blockchain would be up to the task, the important thing is that it is permissionless. Otherwise, the promised transparency would be just a sham. But if the US Treasury embraces decentralized infrastructure, this could be a catalyst for the web2 and web3 worlds to start merging.”

DOGE is expected to conclude its work on July 4, 2026, marking the 250th anniversary of the Declaration of Independence. A new government reform plan is set to be issued at that time, according to DOGE’s website.

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