U.S. government publishes GDP data via public blockchains

U.S. GDP rose at an annualized rate of 3.3% in the second quarter to the end of June, the Commerce Department reported on Thursday, up from its previous estimate of 3%. Consumer spending was revised up to a 1.6% annualized rate in the latest estimate, up from the 1.4% previously reported. Business investment was revised up from 1.9% to 5.7%. “The good news is consumption came in higher than previously thought. Americans are continuing to spend despite the tariffs and uncertainty, albeit at a slower pace than past years,” said Heather Long, chief economist at Navy Federal Credit Union. “Going forward, the economy is likely to stay in this slower speed mode with spending and growth around 1.5% as the tariffs become more visible to American consumers.” Thursday was the first time that the U.S. government has published GDP data via public blockchains, alongside traditional media. The initiative, which officials said stems from Commerce Secretary Howard Lutnick, marks the latest Trump administration endorsement of the crypto industry. The data was released to nine blockchains: Bitcoin, Ethereum, Solana, TRON, Stellar, Avalanche, Arbitrum One, Polygon PoS, and Optimism. “The entire administration has embraced this,” said Mike Cahill, chief executive officer of Douro Labs, who said he’s been working with the Commerce Department on the effort for about two months. “With today’s announcement we are now in a world where government data lives on blockchains, and market participants can participate in real time.”