Nic is an investment expert and passionate advocate of cryptocurrency and blockchain technology. He began his career in a quantitative role at Goldman Sachs, but was attracted by decentralized and permissionless finance. Soon becoming an experienced entrepreneur and investor, Nic founded Coin Bureau in 2017, which publishes independent crypto-educational content. Today, Coin Bureau operates several media assets including the largest crypto-focused YouTube channel in the industry.
https://www.americanbanker.com/payments/news/elon-musk-and-doge-get-access-to-treasury-payment-systems - 4 Feb 2025
Critics of Musk will likely voice concerns that this access could mean utilizing the payment system for political gain, said Nic Puckrin, founder of CoinBureau, a digital asset analyst, research and consulting firm. "Taken to the extreme, this means DOGE could restrict payments to certain people, organizations, etc. As Treasury payments are supposed to be nonpartisan, this would certainly be an unwelcome result," Puckrin said.
Musk, for example, is attempting to shut down USAid, an agency that supervises foreign aid, disaster relief and other international programs.
By accessing Treasury payments, DOGE may be able to analyze where these payments are going, Puckrun said. "In the past, Musk has made accusations of fraudulent or wasteful transactions, and, if he is proven right, this could have broad political and economic reactions."
The sweet spot for DOGE's participation in federal payments would be ensuring that systems remain robust, but with no political interference, combined with rampant cutting of costs with new technologies, according to Rausis. "It is a bold idea, but very risky."
There are efficiencies that can be brought to the Treasury, Puckrin said. "One could be to reduce the number of payment methods utilized by the agency. The department could also upgrade the systems to send more FedWire payments (instant) vs. ACH Payments, which take one to three days to clear," Puckrin said.
Another potential upgrade to the payment system could be through stablecoins, according to Puckrin. "If the U.S. passes a comprehensive stablecoin bill, which seems likely, the use of stablecoins in banking settlements could proliferate exponentially. And stablecoins are a much more efficient method of settlement than current models."