On September 5, at the Economic Club of New York, former President Donald Trump reiterated his commitment to the cryptocurrency sector and proposed that Elon Musk lead a new government task force if he wins the presidency.
Trump outlined his plan to overhaul existing regulations, promising to cut ten old rules for every new one introduced. He emphasized his vision to transform the U.S. into the global hub for cryptocurrency and Bitcoin.
In his address, Trump also revealed plans to establish a commission aimed at enhancing government efficiency. This commission would conduct an in-depth audit of federal operations and suggest substantial reforms.
Elon Musk supported Trump’s vision, stating that such reforms could significantly boost American prosperity. Musk has agreed to chair the proposed task force, on the condition that he can manage the commitment. He also offered his services without any compensation or formal title.
The task force’s initial focus will be on tackling fraud and preventing improper payments, which Trump believes could save billions. The U.S. Government Accountability Office reported that federal agencies issued about $236 billion in improper payments in 2023 alone.
The final days of July could bring critical developments that reshape investor sentiment and influence the next leg of the crypto market’s trend.
Tyler Winklevoss, co-founder of crypto exchange Gemini, has accused JPMorgan of retaliating against the platform by freezing its effort to restore banking services.
Renowned author and financial educator Robert Kiyosaki has issued a word of caution to everyday investors relying too heavily on exchange-traded funds (ETFs).
The classic four-year crypto market cycle—long driven by Bitcoin halvings and boom-bust investor behavior—is losing relevance, according to Bitwise CIO Matt Hougan.