The U.S. Department of Housing and Urban Development (HUD) is reportedly considering implementing cryptocurrency and blockchain technology to oversee agency grants. This speculation arises from a recent ProPublica report based on insider accounts. Despite proponents advocating for blockchain's usefulness beyond crypto transactions, skepticism prevails among HUD staff regarding the technology's regulation and implications, particularly in light of the 2008 housing crisis. Irving Dennis, HUD's CFO, supports the initiative, yet both he and a spokesperson for HUD have publicly refuted the accuracy of the claims, asserting no current plans to adopt this technology.
Blockchain advocates argue that the technology is valuable on its own for such purposes. However, experts suggest its primary use has been for crypto transactions.
A staffer expressed doubt about the implementation of the technology due to its unregulated nature and reflected on lessons from the 2008 housing crisis.
Irving Dennis, HUD's new chief financial officer, is championing the proposal but faced pushback from HUD officials who disputed ProPublica’s report.
HUD spokesperson Kasey Lovett and Irving Dennis denied the substance of the ProPublica report, stating that there are no plans to utilize cryptocurrency technology.
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