Ah, the illustrious US Department of Housing and Urban Development, a veritable bastion of bureaucratic splendor, is now contemplating a dalliance with the enigmatic realms of blockchain and stablecoins! Who would have thought? 🤔
In a recent gathering, which could only be described as a theatrical performance worthy of the finest Moscow stage, officials pondered the audacious idea of employing blockchain to keep an eye on grants. ProPublica, that ever-watchful chronicler of governmental shenanigans, reported this on the seventh day of March, citing a clandestine meeting recording, documents, and three officials who, bless their souls, are familiar with the matter. 📜
But wait! There’s more! The department also toyed with the notion of paying a HUD grantee with a stablecoin. Yes, you heard it right! A stablecoin! This grand experiment could first be tested in one of their hallowed offices before being unleashed upon the rest of the nation. What could possibly go wrong? 😅
Two brave officials, perhaps with a twinkle of mischief in their eyes, suggested that this blockchain escapade might serve as a trial run for the entire federal government. Imagine the chaos! A meeting last month discussed a project where the Community Planning and Development office, which oversees billions (yes, billions!) in grants for affordable housing and homeless shelters, would track funds to a single grantee on the blockchain. What a delightful mess that would be! 🎭
However, not all were enamored with this digital dream. One attendee lamented that the need for such a project was “not well articulated,” while a HUD official, in a memo that could rival the best of Dostoevsky’s critiques, labeled the plan as “dangerous and inefficient.” They added that it was unnecessary and complicated, and that stablecoin payments would only add to the delightful volatility. Who doesn’t love a little unpredictability in their finances? 😂
At a follow-up meeting, opinions were as mixed as a Russian salad. Some staffers mused that the blockchain project could involve paying grantees with crypto, while one official suggested it could be done with “a stable currency.” Another finance wizard proclaimed that blockchain would be implemented across the agency, starting in the CPD. Oh, the excitement! 🎉
Yet, a spokesperson from HUD, perhaps with a sigh of resignation, told ProPublica that “the department has no plans for blockchain or stablecoin. Education is not implementation.” A classic case of bureaucratic speak if ever there was one! 🙄
Meanwhile, President Donald Trump, that ever-enthusiastic supporter of the crypto industry, seems to be channeling the spirit of his cost-cutting czar, Elon Musk, who advocates for blockchain as a means to trim federal spending. Because, of course, that’s what we need—more tech in our already tangled web of government! 💸
And let us not forget the wise words of US Treasury Secretary Scott Bessent, who, at the White House Crypto Summit on March 7, declared that the government would “put a lot of thought into the stablecoin regime” to ensure that the US dollar remains the dominant reserve currency in the world. Because nothing says stability like a currency that’s still figuring itself out! 💰
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2025-03-10 06:37