Former U.S. President and current presidential candidate Donald Trump has reiterated his strong support for the cryptocurrency industry and announced plans to collaborate with tech billionaire Elon Musk on a government task force if he is re-elected.
Speaking at the Economic Club of New York on Sept. 5, Trump emphasized his commitment to embracing the digital asset industry, stating, "Instead of attacking industries of the future, we will embrace them, including making America the world capital of crypto and Bitcoin."
Pledge to Reform Regulations
Trump outlined a plan to overhaul the regulatory framework in the U.S. by eliminating at least ten outdated regulations for every new one introduced. This approach, he said, would foster innovation and growth in industries like crypto, positioning the U.S. as a global leader in the space.
Musk to Lead Government Efficiency Task Force
Trump also thanked Tesla CEO Elon Musk for his endorsement and announced that Musk would lead a newly formed government efficiency task force. The goal of the task force would be to audit the federal government’s financial and operational performance and recommend sweeping reforms.
“We need to do it, and we can’t go on the way we are now,” Trump said. Musk echoed this sentiment in a post on X (formerly Twitter) on Sept. 6, stating, "This is badly needed" and that the proposed changes could "unlock tremendous prosperity for America."
Trump humorously added that Musk, “because he is not very busy,” had agreed to head the task force if time permits. Musk responded via X, saying, "I look forward to serving America if the opportunity arises. No pay, no title, no recognition is needed."
Task Force’s Mission to Combat Waste and Fraud
One of the first priorities for the task force, according to Trump, would be to develop an action plan to "totally eliminate fraud and improper payments within six months." He claimed this would save trillions of dollars, adding, "For the same service you have now, trillions of dollars are wasted, and nobody knows where it went."
The U.S. Government Accountability Office reported that federal agencies made an estimated $236 billion in improper payments in 2023, with a cumulative total of about $2.7 trillion since 2003.
Pro-Crypto Stance
Trump has rebranded himself as a pro-crypto candidate during this campaign, targeting the growing base of cryptocurrency enthusiasts. He emphasized that his administration would support the burgeoning crypto sector and eliminate outdated regulations that hinder its growth.
In line with this, Trump’s family has also been linked to a decentralized finance (DeFi) project that reportedly aims to promote the use of dollar-pegged stablecoins in decentralized finance ecosystems, though details remain scarce.
As Trump continues to court the crypto community, his partnership with Musk and his vision for the future of digital assets may play a significant role in shaping the narrative leading up to the 2024 election.
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