The US Department of Housing and Urban Development (HUD) manages billions of dollars in aid and insures over a trillion dollars in mortgages. Now, it is considering using blockchain to track grant recipients’ spending.

The agency may also explore stablecoins as a financial tool within its system. However, this proposal has sparked intense debate, especially as HUD faces challenges in financial management efficiency.

HUD’s Crypto Consideration Raises Concerns of a 2008-2009 Crisis Repeat

According to ProPublica, HUD is looking to leverage blockchain—the core technology behind cryptocurrencies—to improve oversight of grant funds.

A HUD official stated that the idea of using blockchain and stablecoins is being driven by Irving Dennis, the agency’s Deputy Chief Financial Officer. Dennis, who previously worked as a partner at the global consulting firm EY, believes the technology could enhance transparency and efficiency in grant monitoring. This area has historically been complex and prone to waste.

Additionally, ProPublica reported that HUD officials held at least two meetings last month to discuss the blockchain proposal. Staff from the Office of the Chief Financial Officer (CFO) and the Office of Community Planning and Development (CPD) attended these meetings.

During the discussions, CPD explored a “proof of concept” pilot project. In this project, blockchain would track funding for a CPD grant recipient.

“We might learn something from this, especially if the federal government is moving toward stablecoin adoption in the future,” one official who attended the meeting said.

However, ProPublica quoted a HUD employee expressing concerns: “People are trying to introduce another unregulated security into the housing market as if 2008 and 2009 never happened.” Another official compared cryptocurrency to “Monopoly money,” implying it could become worthless.

D.O.G.E. Highlights Internal Financial Issues at HUD

Recently, the Department of Government Efficiency (D.O.G.E.) shed light on internal financial problems at HUD, raising doubts about the agency’s ability to manage new technology. D.O.G.E. revealed that HUD had just completed a software license audit, uncovering severe waste.

“HUD completed the same audit. Initial findings on paid software licenses: 35,855 ServiceNow licenses across three products; only using 84. 11,020 Acrobat licenses with zero users. 1,776 Cognos licenses; only using 325. 800 WestLaw Classic licenses; only using 216. 10,000 Java licenses; only using 400. All are being fixed,” D.O.G.E. stated.

HUD’s official press account responded to D.O.G.E.’s findings, saying the agency is reviewing every dollar spent and working closely with D.O.G.E. to address taxpayer money waste.

As of this writing, HUD’s official X account has not made any announcements regarding blockchain trial discussions.

Mark Carney, the former governor of both the Bank of England and the Bank of Canada, is poised to become Canada’s next prime minister. However, he has long been skeptical and strongly critical of Bitcoin (BTC).

On March 9, Carney secured an overwhelming victory with 85.9% of the vote. He is expected to assume office in the coming days.

Mark Carney’s Views on Bitcoin

Carney will become Canada’s next Prime Minister, replacing Justin Trudeau, who resigned in January 2025 after nearly a decade in power.

Although Carney has never held a seat in Parliament, his experience managing economic crises and international reputation have garnered significant support within the Liberal Party.

However, Carney’s rise to Canada’s new Prime Minister position does not appear to be a positive signal for the crypto market. For years, he has expressed deep skepticism and sharp criticism of Bitcoin (BTC) and other decentralized cryptocurrencies. He formed his stance during his tenure as Governor of the Bank of England and has reiterated it in the years since.

“Canada’s new Prime Minister Mark Carney, a known critic of Bitcoin, previously labeled it [BTC] as having serious deficiencies,” said X user EdGeraldX.

Specifically, in a 2018 speech on the Future of Money, Carney assessed that Bitcoin has “serious deficiencies” due to its fixed supply cap, which leads to price instability.

“The fixed supply of Bitcoin has sparked a global speculative frenzy, encouraging the proliferation of new cryptocurrencies,” he stated.

He likened Bitcoin to a “criminal act of monetary amnesia,” arguing that recreating a digital gold standard was a historical mistake. Carney believes Bitcoin and other cryptocurrencies are “poor short-term stores of value,” failing to meet the basic criteria of money, such as stability and usability in transactions.

In 2018, he warned that Bitcoin threatened financial stability if left unregulated, calling for strict oversight to curb illegal activities like money laundering and terrorism financing.

Carney Prefers CBDCs Instead

In contrast, Carney enthusiastically advocates for Central Bank Digital Currencies (CBDCs) while opposing Bitcoin. This view is somewhat similar to that of Indian regulators. He argues that CBDCs could expand banking access for individuals and businesses while enabling central banks to combat terrorism and economic crime.

“Carney calls Bitcoin’s fixed supply a crime, supports CBDCs, and now controls policy for a $1.9 trillion economy,” shared an X user.

Carney’s views on Bitcoin and cryptocurrencies align with and are arguably more rigid than those of his predecessor. In September 2022, Trudeau hit out at Pierre Poilievre, a pro-crypto politician chosen to lead Canada’s Conservative Party.

Carney assumes office as Canada faces a trade war sparked by US President Donald Trump’s tariff policies. The US has officially imposed a 25% tariff on Canada after suspending it in early February.

Carney’s anti-Bitcoin stance may lead to stricter regulations to control cryptocurrencies. He might focus on anti-money laundering measures and investor protection, similar to the approach he advocated at the Bank of England. This could affect the ETFs operating in Canada like the BlackRock’s Bitcoin ETF or 3iQ’s Solana ETF.

Additionally, Canada may soon develop a digital Canadian dollar, potentially diminishing the role of Bitcoin and altcoins in the economy.

XRP has maintained a downtrend since reaching an all-time high of $3.40 on January 16. It currently trades at $2.18, noting a 35% price drop over the past two months.

The double-digit dip has led to a decrease in the amount of XRP tokens held in profit. On-chain data shows that the bearish sentiment against the altcoin is climbing, hinting at an extended decline. 

XRP Sees Drop in New Demand, Signaling Market Interest Slowdown

As XRP’s price falls, its total supply in profit has also reduced. According to Santiment, this has shrunk by 6.39 billion over the past week to fall to its year-to-date low. 

As of this writing, 87.95 billion tokens out of a total supply of 99.98 billion are held at a profit. This signals that some investors are now holding XRP at a loss, reflecting increased selling pressure and weakening market sentiment.

Moreover, on-chain data also shows a slump in new demand, with daily fresh purchases of XRP seeing a notable drop this month. Per Santiment, only 4,516 new wallet addresses were created on Sunday to trade XRP.

This represented the lowest daily count of new XRP demand since the beginning of the year. 

When an asset sees a drop in new demand, it means fewer investors are buying it. As observed with XRP, this has reduced trading activity and weakened price support in its spot market. It signals waning market interest in the altcoin and can contribute to further price declines if selling pressure remains high.

XRP Faces Selling Pressure: Will Bulls Break the Downtrend?

On the daily chart, XRP has traded below a descending trend line since reaching its all-time high, reflecting the downward trend.

This bearish pattern is formed when an asset’s price consistently creates lower highs over time. It suggests that sellers are in control, and unless the price breaks above the trend line, further declines are likely.

XRP trades at $2.17 at press time, significantly below this descending trendline. With a growing bearish bias, the token’s price might fall further from this trendline. In that scenario, XRP’s value could drop below $2 to $1.47.

However, if buying pressure gains momentum, XRP could break above its descending trendline and climb to $2.93.