• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Elon Musk and Vivek Ramaswamy to lead new government spending cut department

user avatar

by Giorgi Kostiuk

2 years ago

Donald Trump has announced the creation of a new government agency aimed at reducing government spending, appointing Elon Musk and Vivek Ramaswamy as its leaders.

Appointment of Elon Musk and Vivek Ramaswamy

Elon Musk and Vivek Ramaswamy have been appointed by Donald Trump as co-chairs of a new department known as the Department of Government Efficiency (DOGE). The primary task of this agency will be to cut federal spending and regulate bureaucracy.

This will send shockwaves through the system, and anyone involved in Government waste, which is a lot of people.Elon Musk

Goals and aims of the new agency

DOGE will focus on dismantling bureaucracy and revising the structure of federal agencies, aiming for substantial cuts to the $6.5 trillion annual government spending. The agency will collaborate with the White House and the Office of Management and Budget to implement an entrepreneurial approach to government.

Impact on Dogecoin and cryptocurrencies

Following Trump's presidential victory, the price of Dogecoin, Elon Musk’s favorite cryptocurrency, surged by 150%, peaking above $0.4 for the first time since May 2021. This rise accompanies Musk's appointment to DOGE, marking the strengthening of his relationship with Trump.

The creation of DOGE marks a new phase in the approach to US government finances, aiming to reduce expenses and bureaucracy with business-led initiatives headed by Elon Musk and Vivek Ramaswamy.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

SparkKitty Malware Campaign Exposed by Check Point

chest

A report from Check Point reveals the SparkKitty malware campaign targeting cryptocurrency users by scanning photos on infected devices for sensitive information.

user avatarRajesh Kumar

Shiba Inu Token Experiences Remarkable 22% Surge

chest

Shiba Inu has experienced a significant price increase of nearly 22% in just one week, marking a notable change after a long period of stagnation.

user avatarFilippo Romano

Congress Proposes AI Kill Switch Legislation

chest

Congress members propose the AI Kill Switch Act to give the federal government authority to shut down AI models.

user avatarEmily Carter

Frax Governance Discusses Proposal for Early Redemptions from Locked Ethereum Pools

chest

Frax governance is discussing a proposal for early redemptions from locked Ethereum pools with a 4% penalty fee directed to the Frax treasury.

user avatarTomas Novak

Frax Governance Proposes Morpho Lending Market for bdUSD and frxUSD

chest

Frax governance is discussing a proposal to create a Morpho lending market for bdUSD and frxUSD to enhance stablecoin liquidity and borrowing demand.

user avatarKaterina Papadopoulou

EigenLayers Forum Engages in ELIP018 Proposal Discussion

chest

The EigenLayers forum is currently engaged in a debate over the draft proposal ELIP018, which introduces a framework known as RETIRE, aimed at providing a terminal exit route for restakers.

user avatarMaya Lundqvist

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.