Propublica is an investigative news room that received the registered poolitzer. Big newsletter To get a story like this in your letterbox–
The Ministry of Housing and Political Development of the United States is considering the first step in use. cryptocurrency According to the recording of the meeting and other materials that have been inspected by Propublica and three staff members who are familiar with this. Two staff told Propublica that they believe that the initiative may be a trial for using crypto throughout the central government.
The discussion sparked concerns in some people in the department, especially about the opportunity to receive important federal funds in cryptocurrency Which is a digital without insurance related to special special special financial and transnational crime.
The focus of the discussion until now has been experimented with the use of basic technology that makes Crypto possible – Blockchain – to check the funding of Hud Blockchain confirms that the technology is worth it for that purpose. But the main use of Blockchain as the experts are for Crypto transactions.
“It is just a security introduction that is not controlled again in the housing market, as if 2008, 2009, did not happen,” said one of the HD officers, who referred to the Crisis of Mortgage. “I didn't see this method to help. I see many ways that may hurt, “said the authorities, which, as well as others in this article, ghosts in the condition of not revealing the identity because of the revenge on the discussion of the HUD. It covers the stability of the stability, which is the form of Crypto that is fixed with other assets to avoid valuable swings, even if the swing will occur in the past.
Blockchain ideas are being pushed. HUD staff told colleagues at IRVING DENNIS, Deputy Chief of the new financial officer of the agency, is a former Global Consulting Giant Giant Giant Giant Giant Giant Giant Giant Giant, which is commonly known as ERNST & Young Ey.
Crypto industry has discovered alliances in President Donald Trump, which the executives have knocked. industrydrink To lead to the central government reserve Crypto inspection and creating “Bitcoin Reserve Strategy– (Bitcoin Reduced $ 5,000 Within an hour of the release of reserve on Thursday) Trump himself has Important financial benefits In Crypto, on Friday, the White House is scheduled to host. “Crypto Summit” with leading numbers from the industry
The proposal that Hud indicates new methods that manage the sea to support the industry: by combining Blockchain and Cryptocurrency. With normal spending and accounting practices of the central government Is a movement that will be consistent with Clear desire or Elon Musk consultant uses Blockchain to check the central government spending.
The spokesman of Dennis and Hut Kasey Lovett both denied their colleagues. “The department does not have a plan for Blockchain or Stablecoin,” Lovett said, “Education did not take action,”
Robert Judson, the EY executive involved in the conversation, confirmed that they were born. “We, as a company, is discussing with the person who has been selected in that department,” he said. When reaching the telephone, Judson told Proppublica that he would approve from EY for the full interview and then do not call back.
The White House EY and Musk does not respond to opinions.
Hud, a hero, at least two meetings about Blockchain offers last month. List of attendees for the first time, including the CFO office staff and the CPD community planning and development of billions of dollars in the financial support that supports low and medium -income people, including funds for housing development that has no housing, supporting the rescuers of survivors from violence in the family. It is a CFO office that calls for a meeting to tell Propublica.
Also stated that it was interest in the meeting, Judson from EY For many years Judson has provided support for Blockchain, a digital type account that creates a transaction not to change the format recorded in many computers. Boosters of the Technology is a way to cut the middleman such as banks and credit card companies from financial transactions and make those transactions more transparent and secure. Judson wrote That Blockchain can help the organization of money prevention from being sucking out for unintended purposes. “Digital assets such as stable coins or digital currencies have more effective applications for an integrated value exchange.” “Blog, robots and financial management systems, next generations”
Stability is supported by reserve, including the original currency, commodity and fiscal securities. That should make sure that their value – unlike Bitcoin – not frucctuate. However, Many high occasionsThe value of stability has done so.
In the Hud meeting, participate in the project “Concept” project, which CPD will begin to monitor the funding to the CPD scholarship and may be sub -substances in Blockchain. This project needs is “unclear”. One of the tea later written in the meeting.
After the Hud staff meeting, writing and published within the agencies that entered the idea. “If there is no exaggerated speaking, every use that can imagine at Hud is dangerous and ineffective.” Such records read.
Had has no problems to monitor spending, helping to record new technology. Combining together, it will take a long time, complicated and needed to train widely. And if the project involves payment in cryptocurrency Instead of the dollar, it will inject fluctuations and uncertainty in the funds, even if the currency is stable.
In discussions with HUD staff later, the author recorded, explained the proposal “Beachhead” at Hud for introduction. cryptocurrency Which the author compared to “Monopoly Money”
CPD staff still add concerns at the recording meeting, which has been inspected by Propublica (Judson did not participate in this). Some participants saw the ideas in Blockchain, suggesting that it can reduce the incorrect information from capitalists and opening a real report and the inspection of their spending.
“There may be something that we can learn from it.” One person said. “Especially if we feel that the US government is stepping into a stable option in the future.”
One officer asked why the agency therefore considered the project. “Because it's sexy.” Another person answered. “Ervi asks us to follow Blockchain, so why do we watch it?” Meaning Dennis
Many details are left to not explain at the meeting, including important proposals that will be involved in the payment of funds in Cryptocurrency or not, but some people signal that it will
“You can do with something that will be attached to a stable currency. That will depend on the treasury and I think they are doing that for what is worth, “said one officer. “It will simulate the dollar”
Add more “. In general, it will be cryptocurrency That is linked to one -one -one US dollar “
Financial officials suggest that this idea can be used more widely all over the hut. “We are watching this for all organizations. We just want to start in the CPD. “He said agency is considering the concepts for the Office of the Public and Residents of India. “The tenants have such rights and things.” The office serves millions of people living in public and central government.
This is not the first time that the central government officials have considered the blockchain to match the government's work. The agency, including the Ministry of Finance, Ministry of Commerce and even HUD participated in the prototype study and working group in recent years. But those who follow the Crypto industry do not realize the application of technology in the government in a wide range that the Hud officials have discussed recently.
Some Crypto experts are wondering. “It is a terrible idea,” Corey Frayer, a former official of the Securities and Exchange Commission of the United States, which he focuses on the Crypto market and financial security. “It is a barbaric matter that everyone has a feeling to consider this.”
Frayer, which is now at the Consumer Federation of America, warned that Hud Grans paid in Stablecoin may fall in value. He shows the most concerns about the idea that the proposal can expand to other parts of the department, if included, such as the Stablecoin introduction in $ 1.3 trillion In the mortgage insurance created by Federal Housing Administration The fluctuation of Stablecoin's value may have an important economic impact.
“Imagine the world that all the government participated in the dwelling industry, all the funds that circulated in the environment were reduced by 13%,” he referred to the episode 2023. Reduced by 13 cents Dollar. “It's hard to imagine that it will not be disaster.”
Hillary Allen, the law professor of American University, who researched financial and technology regulations, stating that the famous effort to use Blockchain for unrelated objectives Cryptocurrency failed. She shows suspicion that technology will improve in the context of the government's financial aid, in which bad results may be harmful to those who dependence HUD funds for survival.
“Blockchain technology has been around 15 years. No one wants to use it. And now we are trying to force the government to use it “She said with” the weak person “serving” as a guinea mouse “.