Newly elected US President Donald Trump has selected tech entrepreneur Elon Musk and political figure Vivek Ramaswamy to lead a newly formed federal entity known as the Department of Government Efficiency (DOGE).
Trump emphasized the purpose of DOGE, saying it would dismantle entrenched government structures, eliminate superfluous regulations, and cut wasteful spending across federal agencies.
DOGE will work closely with the White House and the Office of Management and Budget, implementing a framework for substantial government reform with an “entrepreneurial mindset”. Musk has been vocal about his vision for transforming the government, focusing on eliminating redundancy and bringing an efficiency-oriented approach to public administration.
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With a scope encompassing oversight of federal expenditures, DOGE’s agenda is daunting. Federal spending reached a record $6.75 trillion in the 2024 fiscal year, marking an increase of $617 billion from the prior year.
Trump anticipated Musk and Ramaswamy’s leadership in reshaping the sprawling federal bureaucracy. He noted:
I look forward to Elon and Vivek making changes to the Federal Bureaucracy with an eye on efficiency and, at the same time, making life better for all Americans.
The announcement of DOGE’s formation coincided with a surge in Dogecoin
Musk’s appointment to lead DOGE reflects his increasing rapport with Trump. Since Musk acquired Twitter (now X) for $44 billion in 2022, he has reinstated Trump’s account on the platform, signaling mutual support between the two influential figures. In August 2024, Trump suggested he might consider a cabinet position for Musk should he assume office, a prospect that appears to be materializing through Musk’s involvement with DOGE.
Co-leading DOGE alongside Musk, Ramaswamy has garnered attention for his pro-crypto outlook, advocating for large-scale deregulation of the cryptocurrency sector in his presidential campaign. Ramaswamy also brings financial experience from his asset management firm, Strive Enterprises, which recently launched a new Bitcoin
In other news, Scott Bessent, a pro-Bitcoin billionaire, is leading the race for the US Treasury Secretary position, potentially bringing a crypto-friendly perspective to the nation's financial policies. How could his appointment shape the future of cryptocurrencies? Read the full story.
