Donald Trump on Crypto: Plans to Transform the US into the ‘World Capital of Crypto’ with Elon Musk’s Support

• Donald Trump reaffirmed his support for cryptocurrency, aiming to make the U.S. a global leader in the crypto space.
• Trump proposed a government reform commission, with Elon Musk as a potential leader.

Former President Donald Trump reaffirmed his commitment to the cryptocurrency industry during a speech at the Economic Club of New York on September 5. He reaffirmed his commitment to supporting digital assets and updating archaic laws and practices. He said that as president, he would ensure that for every new regulation to be made, at least ten old regulations would be removed. 

Trump outlined his vision for making the United States a leading hub for cryptocurrency and Bitcoin. “Instead of attacking industries of the future, we will embrace them, including making America the world capital of crypto and Bitcoin,” he said.

Trump Invites Musk to Lead Government Reform Effort

Trump also expressed his intention to establish a government efficiency commission that would focus on reorganizing the federal government. He thanked Tesla’s Elon Musk for supporting him and elaborated that if Musk’s schedule allows, he would be a good choice to head the task force. 

In a September 6 post on X, Musk supported Trump’s proposal, asserting, “This is badly needed,” and added, “This would unlock tremendous prosperity for America.” Trump said that Musk agreed to become the head of the commission if time allows, praising him as an ideal candidate for the role.

The proposed commission will focus on conducting a comprehensive audit of federal financial practices. Trump emphasized the importance of creating an “action plan to eliminate fraud and improper payments within six months.” He claimed that such measures could save trillions of dollars, highlighting the inefficiencies in current government spending.

Russian-American computer scientist and podcaster Lex Fridman also shared his thoughts on the proposal and noted that he hopes that whoever will become the president will agree to this in order to optimize the work of the government. 

According to the US Government Accountability Office, the federal agencies made $236 billion in improper payments in 2023. Cumulatively, the total amount of improper payment estimates has been estimated to be about $2.7 trillion since 2003.

Trump Campaign Courts Crypto and Tech Voters 

In the current election cycle, Trump has presented himself as a crypto-friendly candidate, appealing to a growing constituency of cryptocurrency users. Some of the recent speculations have claimed that the Trump family is involved in the development of a DeFi project that seeks to increase the adoption of stablecoins tied to the US Dollar in the DeFi ecosystem. 

The Trump campaign’s emphasis on cryptocurrency and efficient government is part of a larger effort to court the so-called ‘tech crowd’ and voters interested in the management of federal funds. Reforms suggested, and Musk’s possible participation are evidence of a major change in Trump’s agenda in the context of the upcoming election. 

This is a notable change from Trump’s previous stance on cryptocurrency, which he had earlier dismissed as a scam. In 2019, while still in office as the president, he raised concerns over the use of uncontrolled digital currencies, associating them with criminal activities. However, his stance has changed in recent years.