U.S. Commerce Secretary Announces Blockchain Data Initiative

U.S. Commerce Secretary Howard Lutnick announced on Tuesday that his department will start issuing economic data “on the blockchain” as part of the Trump administration’s outreach to the crypto industry.

> “The Department of Commerce is going to start issuing its statistics on the blockchain, because you are the crypto president,” said Lutnick during a cabinet meeting with President Donald Trump.

Lutnick explained that the department plans to release GDP data on the blockchain to enhance data distribution accessibility. He mentioned that this initiative will soon extend to “the entire government.”

Uncertainty Surrounding Implementation

However, details remain vague. It’s unclear which blockchain network Lutnick will utilize for storing these statistics, or how this will benefit the Commerce Department and other governmental entities.

The Commerce Department has yet to respond to inquiries from Decrypt seeking clarification on Lutnick’s statements.

The State of Blockchain

Those familiar with the crypto industry may notice the phrase “on the blockchain” as a marketing buzzword that was once prevalent in 2018 press releases. Currently, its usage has diminished in sincerity.

The term can refer to numerous cryptocurrency networks—such as Ethereum, Solana, Algorand, or VeChain—each with distinct functionalities and audiences.

Connections to the Crypto Industry

Lutnick maintains substantial connections to the crypto sector. His Wall Street firm, Cantor Fitzgerald, is linked to Tether, a stablecoin issuer, and claims to manage most of Tether’s U.S. Treasury reserves. Cantor is also considering a multi-billion dollar Bitcoin acquisition.

Conclusion

The Commerce Department collects vital data for the federal government, including the U.S. census. While this data is publicly accessible, leveraging on-chain data for public visibility and transparency may seem redundant without further revealing the intricacies of Lutnick’s plan.