- Donald Trump increased criticism of the Federal Reserve and its chair, raising concerns over central bank independence.
- The U.S. Commerce Department began publishing key economic data, including GDP figures, directly onto multiple blockchains.
- This move is promoted as a step toward transparency using blockchain technology and may allow markets to influence interest rates directly.
- The Commerce Department calls publishing GDP data on blockchain a “landmark effort” for government adoption of new technology.
- Some experts and officials suggest this could reduce the Federal Reserve’s traditional role in setting interest rates.
On the heels of ongoing tensions between Donald Trump and the Federal Reserve, the U.S. Commerce Department announced it will now publish official economic statistics, such as quarterly GDP data, directly onto blockchain networks. The latest release included the official hash and headline GDP number for the second quarter of 2025, appearing across nine different blockchains, including Bitcoin and Ethereum.
According to the Commerce Department, this action is a “landmark effort” meant to show how blockchain technology can be used across government agencies. Howard Lutnick, U.S. Secretary of Commerce, stated, “We are making America’s economic truth immutable and globally accessible like never before, cementing our role as the blockchain capital of the world.” The department plans to expand the system, making blockchain data publishing available to all government entities.
Chamath Palihapitiya, a technology investor, discussed the development on the All In Podcast. He said, “All the GDP data is now going into a blockchain. So can you imagine what this starts?” Palihapitiya also suggested that additional economic metrics, once stripped of identifying information, could be released similarly to give real-time data for pricing and market reactions.
The release coincides with increased scrutiny of the Federal Reserve by Trump, including public disputes with Fed Chair Jerome Powell. Disagreements have focused on inflation and the timing of interest rate changes, with claims by Trump’s supporters that Fed decisions could influence election outcomes. This has raised fears about the Fed’s political independence.
Some commentators, including podcast cohost David Sacks, hinted at the possibility of markets setting interest rates based on real-time blockchain data, rather than having central banks make these decisions. Palihapitiya added that the Federal Reserve should focus on its role as a bank regulator and payment system, with the market potentially handling interest rate settings.
Earlier in the week, Lutnick indicated plans to eventually publish all official economic statistics on blockchains. The latest data was posted not only to prominent blockchains like Bitcoin and Ethereum, but also to Solana, Tron, Stellar, Avalanche, Arbitrum, Polygon, and Optimism. Crypto “oracle” services such as Pyth and ChainLink, which supply secure data to blockchain applications, were also included.
Publishing data on a blockchain means the record cannot be altered after posting, ensuring transparency. The initiative is positioned as part of the Trump Administration’s push to develop the United States as the world’s leading center for blockchain innovation.
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