Officially, the US government has started making GDP data available on open blockchains. The Commerce Department’s announcement on Thursday integrates blockchain into the heart of America’s economic reporting, making GDP accessible through network like Bitcoin. Commerce officials highlighted that the blockchain rollout is not intended to replace traditional economic data releases, but is instead “another avenue” for distribution, as reported by Bloomberg.
The action, nonetheless, holds considerable symbolic importance, as it essentially endorses a technology that was previously met with considerable doubt in Washington. “The entire administration has embraced this,” stated Mike Cahill, who confirmed his collaboration with the Commerce Department on the initiative for the past two months. “With today’s announcement we are now in a world where government data lives on blockchains, and market participants can participate in real time.” The blockchain initiative entails the posting of cryptographic hashes of GDP data, acting as digital fingerprints to ensure the integrity of the information. Initially limited in scope, officials from the Commerce Department have confirmed that the administration of President Donald Trump plans to broaden the program. Commerce Secretary Howard Lutnick led the initiative, informing Trump earlier this week that data would be released through blockchain “because you are the crypto president.” Lutnick has previously proposed altering GDP reporting by excluding the effects of government expenditure.
The initiative marks a significant shift from the previous administration. During the administration of former President Joe Biden, regulatory bodies took a careful approach to cryptocurrency, frequently engaging in conflicts with exchanges and enforcing limitations on digital assets. In contrast, Trump has swiftly taken steps to incorporate Bitcoin into government policy. Since taking office, he has established a U.S. Bitcoin reserve, accumulated coins like Ether and Solana, enacted legislation to regulate stablecoins, and appointed regulators who are supportive of cryptocurrency, leading to the cessation of enforcement actions against Coinbase. Trump’s family has further established its footprint in the digital asset arena, supporting initiatives like World Liberty Financial. The increasing political influence of the industry is clear: cryptocurrency companies made substantial donations to Trump’s reelection efforts and provided more than $133 million to super PACs backing pro-cryptocurrency candidates in 2024. The Commerce Department is utilizing public blockchains, aligning with other agencies that are exploring crypto technology.
The Department of Homeland Security has explored the use of blockchain technology for airport passenger screening, and California’s DMV has implemented a system to digitize car titles using cryptocurrency. As Trump establishes his role as the “crypto president,” the integration of blockchain for GDP distribution indicates a significant transformation in U.S. economic policy—and reinforces Bitcoin’s status as a formidable political and financial influence in Washington.