Commerce Secretary Howard Lutnick announced plans to publish Gross Domestic Product (GDP) data on the blockchain, enhancing the transparency and accessibility of economic information.
Plans of the Commerce Department
During a cabinet meeting with President Donald Trump, Howard Lutnick confirmed that the Commerce Department will begin publishing statistics on the blockchain. Lutnick noted that GDP data would be available not only to federal agencies but also to the public. He stated, "The Department of Commerce is going to start issuing its statistics on the blockchain, because you are the crypto president, and we are going to put out GDP on the blockchain so people can use the blockchain for data distribution."
Collaboration with David Sacks
Lutnick shared that this initiative was made possible through collaboration with David Sacks, the White House’s top adviser on cryptocurrency and artificial intelligence. He credited Sacks for aiding in delivering Trump’s Bitcoin strategic reserve, which was unveiled earlier this year.
Economic Initiatives and Bitcoin Purchases
During the same briefing, Lutnick also addressed interest rates and the Federal Reserve, stating that the stock market was reaching record highs. He called for lower interest rates, arguing it would save taxpayers significant amounts. While Howard is focused on economic policies, his son, Brandon Lutnick, is closing a $4 billion Bitcoin acquisition deal through Cantor Equity Partners 1, underlining Cantor's strategy to increase exposure to the cryptocurrency market.
The Commerce Department's initiatives to publish economic data on the blockchain and engage in cryptocurrency business reflect a growing interest in novel technological solutions in government.
