“Instead of attacking the industries of the future, we’re going to embrace them,” Donald Trump said of the crypto industry in America.

US presidential candidate and former President Donald Trump has reiterated his support for the crypto industry and proposed that tech billionaire Elon Musk lead a new government task force.

In a speech at the Economic Club of New York on September 5, Trump reaffirmed his support for the digital asset industry.

Trump said that if elected, he would eliminate at least ten old regulations in favor of one new one, before adding:

“Instead of attacking the industries of the future, we will embrace them, including making America the crypto and bitcoin capital of the world.”

Trump then thanked Tesla CEO Elon Musk for his support and added: "I will create a Commission on Government Efficiency, to conduct a comprehensive financial and performance audit of the entire federal government, and to propose drastic reforms."

"We have to do it, and we can't continue as we are doing now," he added.

Musk agreed in a September 6 post on X, saying that “this is very necessary” and that “it would unlock enormous prosperity for America.”

Musk agreed to lead that task force if he had the time, Trump continued, saying he would be good for the role.

"Elon, because he's not very busy, has agreed to lead this task force. If he has the time, he's perfect for this role and he's agreed to do it."

“I look forward to serving America if the opportunity arises. No pay, no title, no recognition required,” Musk said in a September 5 post on X.

Russian-American computer scientist and podcaster Lex Fridman said:

“I hope that no matter who wins, Harris or Trump, they will take you up on your offer to help make government more efficient.”

One of the new commission's first tasks would be to develop an "action plan to completely eliminate fraud and improper payments within six months," Trump said.

"This will save trillions of dollars. For the same services as today, trillions of dollars are wasted and no one knows where this money has gone."

According to the U.S. Government Accountability Office, federal agencies made about $236 billion in improper payments in 2023, and cumulative estimates of improper payments since 2003 are about $2.7 trillion.

Trump has repositioned himself as a pro-crypto candidate during this campaign, targeting a growing voter base in the cryptocurrency sector.

On Sept. 5, Cointelegraph reported that the Trump family’s DeFi project, about which very few details are available at the moment, aims to promote the use of dollar-backed stablecoins in decentralized finance.

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