US Department of Commerce pilots blockchain GDP report to align with Trump's cryptocurrency strategy

The U.S. government began publishing U.S. gross domestic product (GDP) data on public blockchains on Thursday, marking the Trump administration's latest show of support for the crypto industry. According to media reports, citing U.S. Commerce Department officials, the move provides a new channel for publishing economic data, but not a replacement. The U.S. Commerce Department has uploaded the "official hash" of its 2025 quarterly GDP data (and, in some cases, the total GDP) to nine blockchains, including Bitcoin, Ethereum, Solana, TRON, Stellar, Avalanche, Arbitrum One, Polygon PoS, and Optimism. Decentralized oracle service providers Python and Chainlink are also participating, providing data to crypto applications as third parties. It should be noted that the "official hash" may refer to a hash value, a unique digital fingerprint generated from data using standardized algorithms such as SHA-256 or SHA-3, which is used to verify data integrity and prevent unauthorized changes. For example, the National Institute of Standards and Technology (NIST) states that users can find the "official hash" of software files on the NIST website to confirm that the downloaded software has not been tampered with. Lutnick previewed the change at a White House Cabinet meeting on Tuesday, telling Trump that departmental statistics would be published via blockchain "because you are the crypto president." The Trump administration plans to expand the program's scope in the future. Lutnick stated in a meeting with Trump and other federal agency heads earlier this week that the use of encryption technology would not be limited to economic indicators. "We're going to put GDP on the blockchain, allowing people to distribute data through the blockchain, and then we'll roll this out across the government so all departments can use it." Media analysts say the U.S. Department of Commerce's adoption of blockchain to host some of its most critical and market-moving economic data represents a recognition by the U.S. government of the technology. Blockchain is increasingly being used to trade money market funds and stocks, far beyond its cryptocurrency origins. Industry insiders point out that the entire Trump administration has embraced this initiative. With today's announcement, we enter a world where government data exists on the blockchain, allowing market participants to participate in real-time. Trump Fires Director of the Bureau of Labor Statistics The U.S. non-farm payroll report, released in early August, showed that job growth in recent months was much lower than previously reported. Trump suggested the data was manipulated for political purposes, but he did not provide evidence. The latest shift in U.S. government data releases comes weeks after Trump fired the director of the Bureau of Labor Statistics that same day. However, U.S. Commerce Department officials stated that the blockchain initiative was unrelated to the firing of the BLS commissioner. Officials said it was U.S. Commerce Secretary Lutnick who pushed for data release on a blockchain. Earlier this year, he also proposed excluding the impact of government spending from GDP data, which is released by the Commerce Department's Bureau of Economic Analysis (BEA). Evolving U.S. Government Positions For years, many governments have been experimenting with blockchain, some using public networks to test central bank digital currencies (CBDCs) and others considering using it to issue digital certificates. In the United States, for example, the California Department of Motor Vehicles (DMV) has used the Avalanche blockchain to digitize vehicle titles. The U.S. Department of Homeland Security has also explored using the technology to speed up airport passenger screening. Earlier this year, at Musk's urging, Trump's Department of Government Efficiency, established by President Donald Trump, also explored using blockchain to reduce costs and increase government transparency. The U.S. government's adoption also reflects the evolution of the crypto industry itself. Years ago, many commercial attempts to deploy the technology failed because they focused on private blockchains, which are more expensive and face regulatory challenges. At Lutnick's urging, the U.S. Department of Commerce has opted to leverage public blockchains like Ethereum, which are run by computers worldwide and rely on volunteer developers to update their software. Crypto exchanges such as Coinbase, Kraken, and Gemini are also participating, according to officials. The Department of Commerce is purchasing cryptocurrency through these exchanges to cover the "gas" fees required to publish transactions on the blockchain. Kraken and Gemini also plan to go public in the coming months. Trump Embraces Crypto The crypto industry has become a political force. Investors and executives are leveraging well-funded political action committees, similar to the influence of traditional financial institutions like banks in Washington. Trump, once skeptical of cryptocurrencies, has become a champion of the industry. The crypto industry donated heavily to his re-election campaign and has supported many pro-crypto members of Congress. During his 2024 campaign, Trump pledged to deregulate to boost the industry. Since taking office, Trump has been quick to deliver on his promises. For example, he has established a Bitcoin reserve and a government treasury of cryptocurrencies including Ethereum and Solana. He has also appointed pro-crypto regulators and ended an enforcement case against Coinbase, the largest US cryptocurrency exchange. He has also signed legislation regulating stablecoins, mandating that their value be pegged to fiat currency. The Trump family has also significantly expanded its crypto presence, dabbling in everything from Bitcoin mining to issuing stablecoins. Next week, a token launched by World Liberty Financial, a company backed by the Trump family, will be listed on a centralized exchange. Trump's stance stands in stark contrast to the situation during the administration of former US President Biden, when US regulators were more skeptical of cryptocurrencies.