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Author: He Hao, Wall Street News
The U.S. government began releasing U.S. gross domestic product (GDP) data on public blockchains on Thursday, marking the latest support from the Trump administration for the crypto industry.According to media quoted U.S. Department of Commerce officials as saying that this move provides a new channel for release of economic data, but is not an alternative.
The U.S. Department of Commerce has put the “official hash” of its 2025 quarterly GDP data (and in some cases, total GDP) on nine blockchains, including Bitcoin, Ethereum, Solana, TRON, Stellar, Avalanche, Arbitrum One, Polygon PoS and Optimism.Meanwhile, decentralized oracle service providers Python and Chainlink are also involved, providing data as third-oriented encryption applications.
It should be noted that the official hash may refer to the hash value, that is, the unique digital fingerprint generated from the data using standardized algorithms such as SHA-256 or SHA-3, which is used to verify data integrity to prevent unauthorized changes.For example, the National Institute of Standards and Technology (NIST) notes that users can find “official hash” of software files on the NIST website to confirm that the downloaded software has not been tampered with.
Lutnik revealed the change in advance at a White House cabinet meeting on Tuesday and told Trump that departmental statistics will be released through blockchain, “because you are the crypto president.”
Trump administration plans to seek to expand coverage of the program in the future.Lutnik said earlier this week at a meeting with Trump and other federal agencies that the use of crypto technology will not be limited to economic indicators.“We want to put GDP on the blockchain so that people can distribute data through the blockchain, and then we will promote this mechanism to the entire government and make it available to all departments.”
Media analysis said that the U.S. Department of Commerce uses blockchain to carry some of its most critical and market-affecting economic data, which is equivalent to the U.S. government’s recognition of this technology.Currently, blockchain is increasingly being used to trade money market funds and stocks, which has long surpassed the origins of its cryptocurrency.
Industry insiders pointed out that the entire Trump administration team embraced the move.With today’s announcement, we enter a world where government data exists on the blockchain, where market participants can participate in real time.
Trump fires U.S. Bureau of Labor Statistics Director
The U.S. non-farm employment report released in early August this year showed that job growth in recent months was much lower than previous data.Trump has suggested that the data were manipulated for political purposes, but Trump has not provided evidence to prove it.
Trump fired the director of the U.S. Bureau of Labor Statistics that day.The latest shift in U.S. government data releases came weeks after the incident.However, U.S. Department of Commerce officials said the blockchain plan has nothing to do with the firing of the Director of the Bureau of Labor Statistics.
Officials said it was U.S. Secretary of Commerce Lutnik who pushed for the release of data on the blockchain.Earlier this year, he also proposed plans to remove the impact of government spending in GDP statistics.GDP data is published by the Bureau of Economic Analysis (BEA) affiliated to the Ministry of Commerce.
Evolution of the U.S. government’s position
For many years, many governments have been trying blockchain, some use public networks to test central bank digital currency (CBDC), while others consider using it to issue digital vouchers.In the United States, for example:
The California Motor Vehicle Administration (DMV) has used the Avalanche blockchain to digitalize automotive ownership certificates.
The U.S. Department of Homeland Security has also studied the use of this technology to speed up airport passenger security checks.
Earlier this year, under the impetus of Musk, Trump’s Ministry of Efficiency also explored the use of blockchain to reduce costs and increase government transparency.
The adoption of the U.S. government also reflects the evolution of the crypto industry itself.Several years ago, many commercial projects that attempted to deploy the technology failed because they focused on private chains, which were more costly and more divergent in management.Driven by Lutnik, the U.S. Department of Commerce chose to use public blockchains such as Ethereum, which are run by global computers and rely on volunteer developers to update software.
According to officials, crypto exchanges such as Coinbase, Kraken and Gemini are also involved.The U.S. Department of Commerce purchases cryptocurrencies through these exchanges to pay for the “Gas” fees required to publish transactions on the blockchain.Kraken and Gemini also plan to go public in the next few months.
Trump embraces the crypto field
Today, the crypto industry has become a political force.Investors and executives use the well-funded PAC in a way similar to the influence of traditional financial industries such as banks in Washington.
Trump once skeptical about cryptocurrencies, but now he has become a champion of the industry.The crypto industry has made a lot of donations in Trump’s re-election campaign and has supported many pro-crypto congressmen.Trump pledged to relax regulation during the 2024 campaign to drive the industry forward.
After taking office, Trump quickly fulfilled his promise.For example, he has created Bitcoin reserves, as well as cryptocurrency government inventory including Ethereum and Solana.He also appointed heads of pro-crypto regulators to terminate law enforcement cases against Coinbase, the largest cryptocurrency exchange in the United States.He has also signed a stablecoin regulatory law, stipulating that the value of stablecoins should be anchored to fiat currency.
The Trump family has also significantly expanded its crypto map, from Bitcoin mining to issuing stablecoins.Next week, the token launched by World Liberty Financial, backed by the Trump family, will be launched on a centralized exchange.
These positions of Trump are in stark contrast to the situation during former US President Biden.At the time, U.S. regulators were more skeptical about cryptocurrencies.
