U.S. Housing Agency Considers Launching Crypto Experiment

The US Housing and Urban Development Department is considering the first step in the use of cryptocurrencies according to a meeting recording by propaganda and three officials known on this topic. Two officers told propabolics that they believed that this initiative could be conducted for a trial for the use of crypto throughout the federal government.

This discussion has raised concerns among some of the department, especially about the possibility of paying the chief federal grant recipients in cryptocurrency, financial imagination, prices and transnational crime, an insured digital resource related to dramatic crime.

So far, the center of the discussion is conducting tests using the underlying technology that makes Krypto – blockchain possible to monitor the HUD grant. Blockchain advocates argue that the technology is valuable for this national purpose. However, experts say the initial use of blockchain is for crypto transactions.

“It is only introducing another uncontrolled protection in the housing market, such as 20, 20,” an HUD worker mentioned the subprime mortgage crisis. “I can’t see any way it will help anything. I can see many ways of it, “this official said,” In this article, others have spoken on condition of revenge for revenge. HUD discussions cover the potential uses of Stabilion, a form of Crypto that was bound to other assets to avoid wild bodies, though such swing was done in the past.

The idea of ​​blockchain is being pushed, an HUD official told colleagues that Irving Dennis. The new principal of the agency, Deputy Chief Financial Officer Dennis Global Consulting Giant II, is commonly known by Ernst & Young. EY Himself is also involved in this proposal: An executive of the firm discussed this idea with HUD officials last month.

Crypto Industrial President Donald Trump has found a friend, whose administration has tapped ArtBooster Leader of Federal Agencies, Back -off Investigation into Crypto Firms and created a “Strategic Bitcoin reserveThe ”(Bitcoin Dubbed $ 5,000 Within an hour of the inauguration of the reserve on Thursday.) Trump remains itself Significant financial interest On Friday, the White House is expected to host a “crypto summit” with top statistics in the industry.

HUD’s proposal indicates a new way that the administration may want to strengthen the industry: blockchain and probably include cryptocurrency in routine costs and accounting exercises of federal agencies. This is a step that will combine with it Its apparent desire Trump’s adviser Elon Mask Federal to use blockchain to monitor the cost.

Dennis and HUD spokeswoman Cassie Lovetate denied the details of their colleagues. “The category has no plans for blockchain or stabiline,” said Lavatt. “Education is not implementing.”

Robert Judson, the IE executive involved in the conversation, confirmed that they were. “As a firm we were discussing with the selected people in that agency,” he said when he arrived on the phone. Judson told the propablish that he would seek EY’s approval for a complete interview, then did not call again.

The White House, the EYA and Kasturi did not respond to the requests to comment.

HUD officials held at least two meetings about blockchain proposal last month. The list of attendees at the first meeting included CFO office and community planning and development workers. The CPD provides a few billion dollars that supports low and moderate-income people, financing to develop affordable housing, operates homeless shelters, supporting disaster recovery, survival from domestic violence and creating parks, sewer and community centers. It was the CFO office called for the meeting, a person told propaganda.

Also listed as the meeting participant was Judson from EY. For the year Judson has suggested on behalf of blockchain, a digital account that creates an irreversible record of saved transactions across multiple computers. Technology boosters cast it out of financial transactions as banks and credit card companies cut intermediaries and cast it as a way to make those transactions more transparent and secure. Judson wrote That blockchain companies can help prevent money spent on involuntary purposes. “As stable coins or digital currencies retains digital resources, so more powerful applications will be raised to exchange the integrated value,” he wrote. Dennis, who first served as HUD CFO in the Trump administration, also writes that in a book in 2021, the agency should use technology such as “blockchain, robotics and the next generation financial management system.” “

Stablecayans are supported by the traditional coins, products and treasury security with the reserves. It is confirmed that their values ​​- not like Bitcoin – the opposite – not fluctuating. However, turn on Several high-profile eventsStablecayen’s value did exactly.

At the HUD meeting, attendees discussed about a “Proof of Concept” project where CPD will start tracking funds to go to suboricipts to the suboricipts on a single CPD grant recipient and perhaps. The project requirement was “not good”, a participant wrote on the meeting notes later.

After the meeting, an HUD official wrote and preached a memo in the Paning Agency. “Without exaggeration, every imaginative implementation in HUD seems dangerous and inefficient,” is written in the memo.

There is no difficulty in tracking HUD grant costs, the memory has made the new technology unnecessary. It will require time -consuming, complex and extensive training. And, if the project is involved in granting the cryptocurrency instead of the dollar, it will inject the instability and unpredictability of the fund even if the currency is a stabiline.

In the next discussion with HUD staff, the author of the memo describes the proposal as a “beachhade” in HUD for introducing cryptocurrency, compared to the author “exclusive meaning”.

CPD officials continued to raise anxiety at a follow-up meeting, which was reviewed by a recording prophet. (Judson did not participate in it.) Some presence saw the qualifications in the concept of blockchain, suggesting that it could reduce the misinformation from the recipients and enable them to spend real-time reporting and monitoring of expenditure.

One said, “There is probably something we can learn from it,” especially if we think that if we are a broad federal government, we are moving towards any kind of stabiline option in the future. “

An officer asked why the company was considering the project. “Because it’s sexy,” someone replied. Another said, “IRV has asked us to follow blockchain, so we see it,” refers to Dennis.

In this proposal, many details were left in the meeting, including whether or not to provide granting in the cryptocurrency. However, some signals were that it would be.

“You can do it with a stable coin that it is. It will depend on the treasury and I think they are already running that way, what is the price, “an officer said.” It will imitate the dollar. “

Another added, “This is basically a cryptocurrency that is associated with the US dollar one-in-one.”

A finance officer suggested that this idea could be applied more widely throughout the HUD. “We are watching it for the whole initiative. We just wanted to start on the CPD, “he said. He said that the company “for tenant qualifications and for these things” is also considering this idea for the public and Indian housing offices. This office serves millions of people who live in public and federally subsidized houses.

This is the first time federal officials have considered the blockchain to include this blockchain. Agencies including Treasury Department, Commerce Department and even HUD have been involved in a study, a prototype and a working group in recent years. However, those who observed the crypto industry were not aware of the wide application of technology in the federal government what HUD officials recently discussed.

Some crypto experts were suspicious. “This is a horrible idea,” said former officer of the US Securities and Exchange Commission, Corey Freyer, where he concentrated on crypto market and financial stability. “It’s absolutely wild that someone in any sense that someone will consider it.”

Freyer, now in the US Consumer Federation, warned that the HUD grants made in Stabilion could be reduced. He expressed most concerns about the idea that the proposal could expand in other parts of the agency. If it is included, for example, introducing Stablecayen $ 1.3 trillion As a mortgage insurance provided by the Federal Housing Administration, a fluctuation in the price of stabben can have a major economic impact, he said.

“Imagine in a world where all the government’s involvement in the housing industry, all the funds promoted in that environment have been reduced by 13%,” he said by quoting a 2023 episode where a stablen briefly briefly Fell at the bottom 13 cents Dollar “It is hard to imagine that it won’t be catastrophic.”

Hillary Allen, a law professor at American University, who studied financial control and technology, mentions that some high-profile attempts to use blockchain have failed for the purpose that is not related to cryptocurrency. He suspected that the technology would be better rental in the context of the government’s donation, where bad results could damage dependents on HUD funds to survive.

“Blockchain technology has been around 15 years. No one wants to use it. And so now our government has tried to use it, “he said,” the most vulnerable people “serve as” guinea pig “.