Donald Trump Vows to Make U.S. the Global Crypto Hub

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.