- Donald Trump plans to make the USA the global hub for cryptocurrencies and aims to establish the “Government Efficiency Commission” led by Elon Musk to improve government efficiency.
- In his speech, Trump emphasized deregulation, lowering corporate taxes, and boosting energy production to keep the USA competitive in artificial intelligence.
On September 5th, former US President Donald Trump delivered a pivotal speech at the New York Economic Club, outlining his economic policy goals in the event of his re-election. He emphasized making the USA the center for cryptocurrencies and announced plans to establish a “Government Efficiency Commission” under the leadership of entrepreneur Elon Musk. These announcements signal a clear strategic shift toward future technologies and a commitment to further deregulation.
This is badly needed https://t.co/H9AKYbDssZ
— Elon Musk (@elonmusk) September 5, 2024
In his speech, Trump stressed that the USA should not suppress emerging industries but actively embrace them. Notably, he articulated his vision of turning the United States into the global capital of cryptocurrencies and Bitcoin. This statement aligns with Trump’s ongoing criticism of current regulatory bodies, particularly the Securities and Exchange Commission (SEC), whose chairman, Gary Gensler, has come under fire for his strict stance on cryptocurrencies.
Another key point of his speech was the establishment of the “Government Efficiency Commission,” which is to be led by Elon Musk. The commission, originally proposed by Musk, aims to scrutinize federal government spending, identify waste, and make recommendations for reforms. Trump highlighted that Musk has already agreed to take on this role, underscoring Musk’s commitment to contributing to the country without seeking compensation, titles, or recognition.
The announcement of this commission reflects Trump‘s broader economic agenda, which includes a reduction in corporate tax rates for domestic manufacturing companies from 21% to 15%, the deregulation of various sectors, and an increase in energy production to support the growth of artificial intelligence (AI) industries and maintain competitiveness with China. Additionally, Trump proposed releasing federal land for housing development to reduce living costs, envisioning new residential areas with low taxes and minimal regulation.
These initiatives underscore Trump’s approach to revamping the US economy through strategic deregulation, fostering technological advancement, and implementing government efficiency measures. The appointment of Musk, a prominent figure in the tech industry, as head of the commission marks a significant move towards aligning governmental operations with innovative and forward-thinking leadership.