"Armstrong Calls for Blockchain in Treasury After Musk's $100B Fraud Discovery"

Coinbase CEO Brian Armstrong has called for the integration of blockchain technology in government treasuries, following Elon Musk's Department of Government Efficiency (DOGE) uncovering a $100 billion annual fraud in US government spending. Armstrong, who has praised Musk's cost-cutting initiatives, believes that blockchain could enhance transparency and accountability in government finance.

Musk's DOGE has already saved taxpayers $36.7 billion in just a few weeks, sparking discussions among cryptocurrency and blockchain leaders about leveraging decentralized technology to improve government spending oversight. Armstrong, a prominent figure in the crypto industry, has expressed his support for Musk's efforts and has advocated for further government transparency.

Blockchain technology, with its decentralized nature and publicly verifiable ledgers, has long been touted as a tool for increased transparency in financial systems. By integrating blockchain into government financial operations, transactions could become more accountable and verifiable in real-time. Additionally, a blockchain-powered treasury system could introduce a more democratic approach to budget allocations, with mandatory spending proposals requiring public voting approval before being executed.

In a separate development, Musk's DOGE uncovered a startling $100 billion annual loophole in US government spending, with entitlement payments distributed to individuals lacking Social Security numbers or valid temporary identity numbers. Following this revelation, DOGE and the US Treasury reached a joint agreement aimed at introducing stricter auditing criteria and enhancing financial oversight. Key measures include mandating payment categorization codes and requiring detailed rationales for each expenditure.

Musk's cost-cutting initiative has drawn attention from crypto and blockchain advocates who argue that his transparency-driven policies could pave the way for a blockchain-integrated US Treasury. Jean Rausis, co-founder of decentralized finance platform Smardex, believes that embracing blockchain technology could position the US as a global leader in financial innovation.

Meanwhile, Coinbase, the third-largest centralized cryptocurrency exchange by trading volume, is now managing over $420 billion worth of digital assets on behalf of its users. This figure positions Coinbase ahead of major financial institutions in the United States, highlighting the growing influence of crypto exchanges in traditional finance. Armstrong has compared Coinbase's AUM to traditional banking institutions, noting that it would make Coinbase the 21st largest bank in the US by total assets.

Despite the massive growth in AUM and adoption