According to a report on Saturday, the Department of Government Efficiency, which is led by Elon Musk, may utilize blockchain technology to achieve its goal of reducing federal expenditures. What happened: Musk, who proposed the idea for this new agency, is considering the implementation of a digital ledger for tracking expenditures, securing data, and processing payments, as reported by Bloomberg, citing individuals familiar with the discussions. Executives from this newly established organization have also engaged with representatives from public blockchains to explore their technology for potential integration. The Department of Government Efficiency did not respond immediately to Benzinga's request for comment. See Also: Cathie Wood Was Asked If She Would Invest in TRUMP Coin, Here’s Her Response. In the meantime, cryptocurrency entrepreneur Justin Sun seized the moment to promote his Tron TRX/USD blockchain to Musk. Why It Matters: This report emerges as the Donald Trump administration, known for its cryptocurrency-friendly stance, takes steps to bolster U. S. leadership in the growing industry. Just last week, Trump signed executive orders aimed at assessing a strategic national digital asset reserve and ceasing the development of central bank digital currencies. The Department of Government Efficiency, referred to as DOGE, is responsible for reducing federal spending and eliminating unnecessary regulations.

However, shortly after Trump assumed the presidency last week, the agency faced numerous lawsuits. Price Action: As of this writing, Dogecoin DOGE/USD, the cryptocurrency referenced by the department, was trading at $0. 3308, having decreased by 7% in the past 24 hours, according to data from Benzinga Pro. Image Courtesy: Shutterstock. com Read Next: