During a speech at the Economic Club of New York on Sept. 5, former President Donald Trump once again voiced his support for crypto. He also threw his support behind tech billionaire Elon Musk, suggesting that Musk should lead a new government task force focused on digital assets.
Trump stated if elected, he would cut at least ten outdated regulations for every new one introduced. Additionally, he emphasized that, rather than stifling emerging industries, he plans to support them, focusing on turning the U.S. into the global leader for crypto and Bitcoin.
Trump thanked Tesla CEO Elon Musk for his endorsement and announced plans to create a government efficiency commission. This commission would conduct a full financial and performance audit of the federal government and propose major reforms.
Musk shared a similar view on X, stating that this initiative is much needed and could lead to significant prosperity for the country. Trump said that Musk agreed to lead the task force if he had the time, adding that he believed Musk was well-suited for the job.
Trump’s DeFi project promotes crypto
One of the new commission’s main goals will be to devise a plan to completely eliminate fraud and improper payments within six months. This effort could save trillions of dollars wasted without much oversight, even though the same services are still being provided. In 2023, federal agencies made around $236 billion in improper payments, according to the US Government Accountability Office.
Since 2003, these errors have cost around $2.7 trillion. In his latest campaign, Trump presents himself as a strong advocate for cryptocurrency, hoping to win over the growing community of crypto enthusiasts. On Sept. 5, as per reports, the Trump family’s DeFi project still covered in mystery, plans to push the use of dollar-pegged stablecoins in decentralized finance.
