U.S. to Become Next "World Capital of Crypto"?

“This is badly needed...This would unlock tremendous prosperity for America." 

Key Takeaways

➔ Donald Trump vows to make the U.S. the 'world capital of crypto' and taps Musk for a new task force. 

➔ Elon Musk says he is ready to join the new task force without expecting "pay, title, or recoginition". 

➔ Trump's latest comments reinforce his commitment to "Make America Great Again" in cryptocurrency.

Former US president and current US presidential candidate Donald Trump has once again embraced the cryptocurrency industry, this time recommending Tesla CEO Elon Musk head a new task force that seeks to increase government efficacy. On September 5, during a speech at the Economic Club of New York, Trump again supported his vision for digital assets. He said that if elected, he would repeal at least ten archaic laws for each new law he intends to establish.  

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

Trump also appreciated Tesla CEO Elon Musk's support and announced he would head the Commission on Government Efficiency. This commission would thoroughly assess the federal government’s financial and management status and propose major changes. Trump stressed the urgency of the idea of change:  

“We need to do it, and can't go on the way we are now.” 

Musk agreed with the proposal, and on September 6, he took to X (formerly Twitter) to support Trump’s vision. He stated, “This is badly needed,” and pointed out that “This would unlock tremendous prosperity for America." 

Image: Elon Musk on X (previously Twitter)

Trump then confirmed that Musk had agreed to lead the task force if he had the time. “Elon, because he is not very busy, has agreed to head that task force. If he has the time, he's a good one to do it and he has agreed to do it.” Musk later confirmed his willingness to serve, posting on X that he would do so without expecting “pay, title, or recognition.”

Russian-American computer scientist and podcaster Lex Fridman also shared his thoughts on the case, saying that he is optimistic about the future and hopes that the next president of the United States, either Kamala Harris or Donald Trump, will take Musk’s invitation to improve the government's efficacy.

Trump said that one of the new commission’s priorities would be to develop an action plan to eliminate fraud and improper payments within six months. He estimated that this could save trillions of dollars, referring to the current state of waste in federal services.  The U.S. Government Accountability Office estimated that federal agencies made $236 billion in improper payments in the fiscal year 2023. Cumulatively, the improper payment estimates stand at about $2.7 trillion.

Trump has embraced cryptocurrency as a candidate in this election cycle and can count on the support of numerous crypto voters. On September 5, the Trump family’s DeFi project, which is yet to be fully disclosed, aims to encourage the adoption of dollar-backed stablecoins in DeFi.

With his latest statements, Trump is reinforcing his commitment to turning the US into a leading hub for cryptocurrencies and blockchain technology with the help of famous personalities like Musk.