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Welcome to The Hill's Business & Economy newsletter {beacon}
Business & Economy
Business & Economy
The Big Story
RFK Jr. wants a ‘budget on blockchain’
Independent presidential candidate Robert F. Kennedy Jr. said he wants to put the “budget on blockchain,” a transaction ledger typically associated with bitcoin and other cryptocurrencies.
© Richard Vogel, Associated Press
“I’m going to put the entire U.S. budget on blockchain so that any American — every American can look at every budget item in the entire budget anytime they want 24 hours a day,” Kennedy said Sunday during a rally in Michigan.
Such public disclosure of spending would, in theory, increase transparency and accountability into how the federal government spends taxpayer money.
But moving government transactions to the blockchain would be a Herculean task. There’s also already some visibility into federal spending through the legislation that controls it, and government watchdogs such as the Government Accountability Office and inspectors general can audit departments.
“We’re gonna have 300 million eyeballs on our budget, and if somebody is spending $16,000 for a toilet seat, everybody’s gonna know about it,” Kennedy said, appearing to reference reports including the infamous $640 the Pentagon paid per toilet seat in the 1980s.
Kennedy has embraced cryptocurrencies, accepting campaign donations in bitcoin and touting plans to back the U.S. dollar with bitcoin if he’s elected president.
But Kennedy has also said he opposes plans for a central bank digital currency (CBDC), as have many Republicans including former President Trump.
While the Federal Reserve is currently “exploring” a CBDC, Fed Chair Jerome Powell said the central bank will not create one without a directive from Congress.
The Independent firebrand has described himself as the only pro-crypto presidential candidate in a race dominated by the rematch between Trump and President Biden.
Kennedy is “strongly supportive of crypto,” according to an analysis by Stand With Crypto, a 501(c)(4) nonprofit launched by grassroots advocates and the crypto exchange giant Coinbase that “champions for clear, common-sense regulations for the crypto industry."
The advocacy group rates Trump as “supportive” of crypto and Biden as “against” it, although the incumbent did issue a 2022 executive order calling for “the responsible development of payment innovations and digital assets” that will help the U.S. maintain its leadership in global financial markets.
The Hill’s Taylor Giorno has more here.
Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.
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Essential Reads
Key business and economic news with implications this week and beyond:
Trump seeks to blame Biden for potential TikTok ban
Former President Trump is casting blame on President Biden for legislation that could potentially ban TikTok in the U.S., after the bill cleared the House last weekend as part of a larger foreign aid package.
Full Story Top Disney executive for technology, streaming leaving company
Aaron LaBerge, Disney’s top technology officer who has spearheaded much of the company’s recent efforts on streaming, is leaving the company.
Full Story Gina Raimondo says ‘we’ve outinnovated China’ amid chips war
Commerce Secretary Gina Raimondo proudly held up the progress of American industry on semiconductor manufacturing Sunday, declaring the U.S. has “outinnovated” China as the two nations fight to advance their domestic technology manufacturing.
Full Story Tesla slashes prices amid slumping sales
Tesla dropped the prices of its vehicles globally Friday, as the largest electric vehicle manufacturer faces declining sales.
Full Story The Ticker
Upcoming news themes and events we're watching:
- The Senate is eyeing a Tuesday vote on a major foreign aid package that passed the House over the weekend and includes dollars for Ukraine and Israel.
In Other News
Branch out with more stories from the day:
Rail spikes hammered, bullet train being built from Sin City to the City of Angels
LAS VEGAS (AP) — A $12 billion passenger bullet train linking Las Vegas and the Los Angeles area was …
Full Story Good to Know
Business and economic news we've flagged from other outlets:
- Dow surges 400 points, S&P 500 on track to snap 6-day slide (CNBC)
- Donald Trump set to receive $1.25 billion worth of Trump Media stock in DJT earnout bonus (NBC News)
- Kroger, Albertsons — still hoping to merge — agree to sell more stores to satisfy regulators (The Associated Press)
What Others are Reading
Top stories on The Hill right now:
Trump accuses Michael Cohen of ‘lying’ despite gag order
Former President Trump on Monday claimed Michael Cohen is “lying,” following a day in court for his hush money trial, once again testing the gag order imposed in the case. Read more
Supreme Court declines to hear Kari Lake voting machine lawsuit
The Supreme Court declined Monday to take up a case brought by Republicans Kari Lake and Mark Finchem over the use of voting machines in Arizona elections, the latest blow to the duo of GOP candidates who have seen their lawsuit rejected several times. Read more
What People Think
Opinions related to business and economic issues submitted to The Hill:
- The bubble has burst: On the road to a lost Chinese economic decade
- To fight inflation, we should look for ways beyond the Fed’s policies
You're all caught up. See you tomorrow!
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