Former President and 2024 presidential candidate Donald Trump has reaffirmed his support for the crypto industry, pledging to make America the ”world capital of crypto and Bitcoin.” Speaking at the Economic Club of New York on September 5, Trump outlined his vision to embrace emerging industries rather than resist them.
Trump proposed a bold regulatory shift, pledging to eliminate at least ten outdated regulations for every new one introduced. He emphasized the importance of embracing the digital asset industry as a key part of his economic platform.
In a notable move, Trump announced that tech mogul Elon Musk would lead a new government task force focused on increasing government efficiency. Trump praised Musk’s expertise and vision, stating, ”Elon, because he’s not very busy, has agreed to head that task force if he has the time.”
Musk echoed Trump’s message in a post on X (formerly Twitter), calling for government reforms and highlighting the potential for prosperity. ”This is badly needed,” Musk wrote on September 6. ”This would unlock tremendous prosperity for America.”
The task force’s primary goal would be to eliminate waste, fraud, and improper payments within six months, a move Trump claims could save trillions of dollars. According to the U.S. Government Accountability Office, federal agencies made $236 billion in improper payments in 2023, with a cumulative total of $2.7 trillion since 2003.
Trump’s pro-crypto stance marks a shift in his platform as he seeks to attract a growing base of crypto voters ahead of the 2024 election. His comments come amid reports of a Trump family project in decentralized finance (DeFi), which aims to expand the use of dollar-pegged stablecoins in the crypto space.
Featured image from: cointelegraph.com