What happened
Report Provider: Times Now
Author: Anurag Kumar
Published At: 2025-08-30 07:51:33 (This indicates the publication date of the article, the events described are for 2025 GDP data releases)
Trump Goes Full Crypto: US GDP Data Now Lives on Blockchain Photo : APWashington, DC: The US government has officially started publishing its GDP numbers on public blockchains, marking one of the biggest endorsements of crypto by the Trump administration so far.On Thursday, the Commerce Department said it has posted the “official hash of its quarterly GDP data release for 2025 — and, in some cases, the topline GDP number” on nine blockchains, including Bitcoin, Ethereum, Solana, TRON, Stellar, Avalanche, Arbitrum One, Polygon PoS, and Optimism.
Data providers Pyth and Chainlink are also part of the rollout, a Bloomberg report said.Officials clarified that this move creates an additional channel for sharing economic data, not a replacement for traditional publication.Mike Cahill, CEO of Douro Labs, who worked with the Commerce Department on the project, said: “With today’s announcement we are now in a world where government data lives on blockchains, and market participants can participate in real time.
”The initiative sparked an immediate market reaction. The Pyth Network token surged 61% in 24 hours to nearly 19 cents after the news.Political BackdropThe blockchain shift comes weeks after President Donald Trump fired the head of the Bureau of Labor Statistics, accusing the agency of manipulating job growth data.
Officials insisted Thursday’s blockchain rollout was unrelated to that episode.Commerce Secretary Howard Lutnick was reportedly behind the blockchain push. Earlier this year, he suggested changing how GDP is calculated, excluding government spending.During a White House meeting this week, Lutnick told Trump that GDP statistics would be issued via blockchain, adding: “because you are the crypto president.
”Trump’s Pro-Crypto TurnOnce skeptical of cryptocurrencies, Trump has now embraced the industry. Since taking office, he has:Created a Bitcoin reserve and government stockpile of Ether and Solana.Appointed crypto-friendly regulators, ending enforcement cases against Coinbase.Signed a stablecoin law to regulate dollar-pegged tokens.
His family is also heavily invested in the sector, backing World Liberty Financial, which is launching a new coin next week.Crypto firms including Coinbase, Kraken, and Gemini are working with the Commerce Department to cover blockchain transaction costs, or “gas.” Both Kraken and Gemini are preparing for IPOs.
Bigger PictureGovernments worldwide have tested blockchain for years, from digital currencies to digitising car titles. Lutnick now wants more federal agencies to adopt it.“We are going to put our GDP on the blockchain… and then we’re going to make that available to the entire government, so all of you can do it,” he told agency heads.
The move cements crypto’s political influence in Washington. Notably, the industry poured over $133 million into pro-crypto PACs during the 2024 election, heavily backing Trump and his allies.
Source coverage
Report Provider: Times Now
Author: Anurag Kumar
Deeper analysis
Full source content
Trump Goes Full Crypto: US GDP Data Now Lives on Blockchain Photo : APWashington, DC: The US government has officially started publishing its GDP numbers on public blockchains, marking one of the biggest endorsements of crypto by the Trump administration so far.On Thursday, the Commerce Department said it has posted the “official hash of its quarterly GDP data release for 2025 — and, in some cases, the topline GDP number” on nine blockchains, including Bitcoin, Ethereum, Solana, TRON, Stellar, Avalanche, Arbitrum One, Polygon PoS, and Optimism.
Data providers Pyth and Chainlink are also part of the rollout, a Bloomberg report said.Officials clarified that this move creates an additional channel for sharing economic data, not a replacement for traditional publication.Mike Cahill, CEO of Douro Labs, who worked with the Commerce Department on the project, said: “With today’s announcement we are now in a world where government data lives on blockchains, and market participants can participate in real time.
”The initiative sparked an immediate market reaction. The Pyth Network token surged 61% in 24 hours to nearly 19 cents after the news.Political BackdropThe blockchain shift comes weeks after President Donald Trump fired the head of the Bureau of Labor Statistics, accusing the agency of manipulating job growth data.
Officials insisted Thursday’s blockchain rollout was unrelated to that episode.Commerce Secretary Howard Lutnick was reportedly behind the blockchain push. Earlier this year, he suggested changing how GDP is calculated, excluding government spending.During a White House meeting this week, Lutnick told Trump that GDP statistics would be issued via blockchain, adding: “because you are the crypto president.
”Trump’s Pro-Crypto TurnOnce skeptical of cryptocurrencies, Trump has now embraced the industry. Since taking office, he has:Created a Bitcoin reserve and government stockpile of Ether and Solana.Appointed crypto-friendly regulators, ending enforcement cases against Coinbase.Signed a stablecoin law to regulate dollar-pegged tokens.
His family is also heavily invested in the sector, backing World Liberty Financial, which is launching a new coin next week.Crypto firms including Coinbase, Kraken, and Gemini are working with the Commerce Department to cover blockchain transaction costs, or “gas.” Both Kraken and Gemini are preparing for IPOs.
Bigger PictureGovernments worldwide have tested blockchain for years, from digital currencies to digitising car titles. Lutnick now wants more federal agencies to adopt it.“We are going to put our GDP on the blockchain… and then we’re going to make that available to the entire government, so all of you can do it,” he told agency heads.
The move cements crypto’s political influence in Washington. Notably, the industry poured over $133 million into pro-crypto PACs during the 2024 election, heavily backing Trump and his allies.
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