Trump officially appoints Musk and Ramaswamy to co-lead the Government Efficiency Committee

Donald Trump, who is set to officially take over the White House in January next year, has appointed Elon Musk and Vivek Ramaswamy to lead his so-called Department of Government Efficiency (DOGE), as stated in an announcement, aiming to "abolish bureaucratic agencies, cut unnecessary regulations, wasteful spending, and restructure federal institutions" in his administration.

Musk and Ramaswamy to Lead DOGE Together

According to a statement posted on Truth Social, the Government Efficiency Commission will operate in some way "outside of government" and collaborate with the White House and the Office of Management and Budget to eliminate a significant amount of waste and fraud in the $6.5 trillion annual government spending. Musk and Ramaswamy are tasked to complete their work by July 4, 2026.

The statement suggests that this mission could become the "Manhattan Project" of this era. Republican politicians have long dreamed of the goals of "DOGE." To drive this massive change, the Government Efficiency Commission will provide external advice and guidance to the government and collaborate with the White House and the Office of Management and Budget to push for large-scale structural reforms, creating an operational approach for the government akin to corporate organizations in unprecedented ways.

Musk had previously proposed cutting at least $2 trillion, but according to an analysis by the Washington Post, it is "almost impossible" for him to achieve the task unless he touches on areas like the defense budget or social security.

Vivek Ramaswamy is Crypto-Friendly Too

Vivek Ramaswamy is an American entrepreneur and politician. He founded the pharmaceutical company Roivant Sciences and is also a co-founder of Strive Asset Management. In February 2023, Ramaswamy announced his candidacy for the 2024 U.S. presidential election on the Republican ticket but withdrew from the race in January 2024.

During his campaign, Ramaswamy remained highly loyal to Trump and shared many policy similarities, such as reducing the size of the federal government and reassessing U.S. foreign policy. Vivek Ramaswamy had previously proposed a cryptocurrency policy aimed at providing legal protection for smart contract developers and advocated for holding users responsible rather than developers for how their code is used. Additionally, he suggested providing temporary exemptions for new cryptocurrencies from securities laws to foster crypto innovation.

DOGE Price Doubles

Musk also retweeted the announcement on X, and the price of the DOGE cryptocurrency, named after the Government Efficiency Commission since the election, has doubled.

Bitcoin Hits New High Again, DOGE Doubles in a Week, Crypto Market Sees Astonishing Surge