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Today in crypto, United States President-elect Donald Trump has appointed Elon Musk and Vivek Ramaswamy to lead a new government agency, the Department of Government Efficiency (DOGE), aimed at reducing federal spending and cutting regulations, the Consensys CEO says Ethereum will likely benefit the most from a new US administration, while Trump has hinted at bypassing Senate confirmation for key appointments, including the head of the SEC.
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Trump taps Elon Musk and Vivek Ramaswamy to slash gov’t with “DOGE”
The DOGE will “dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies,” Trump stated.
“This will send shockwaves through the system, and anyone involved in Government waste, which is a lot of people,” Musk said in the announcement.
The newly created DOGE will provide advice and guidance from outside of the government. It will also partner with the White House and Office of Management and Budget to drive a “large-scale structural reform” and create an “entrepreneurial approach to government never seen before.”
DOGE’s task includes addressing waste in the US government’s $6.5 trillion in annual spending.
According to official data from the US government, it has spent $6.75 trillion in fiscal year 2024, with federal spending increasing by $617 billion over the same period last year.
Since Trump’s presidential win, the price of Dogecoin DOGE$0.4229 — Musk’s favorite cryptocurrency — has seen a massive rally, surging roughly 150% since election day.
Ethereum “poised to benefit” most from Trump win: Consensys CEO
Consensys CEO Joe Lubin sees Ethereum as the biggest winner of Donald Trump’s election victory in the United States compared to other protocols.
“America has had its boot on the neck of Ethereum for a pretty long time, specifically Ethereum, and that’s caused a bunch of FUD,” Lubin told Cointelegraph at Devcon 2024 in Thailand.
“Ethereum is poised to benefit more than, I think, other protocols, especially since it’s just a lot bigger and more mature than all the other ecosystems other than Bitcoin, which is mature but narrow in its purview,” Lubin added.
Bitcoin BTC$92,677 has surged 16% since Trump’s win on Nov. 5, while Solana SOL$215.87 and BNB BNB$627.02 are up 8% and 3%, respectively. Ether ETH$3,303.39, on the other hand, has risen 23% in the last seven days and is currently trading at $3,200, according to CoinMarketCap.
Trump could replace Gensler with a “recess appointment”
President-elect Donald Trump has hinted at bypassing Senate confirmation for key appointments, including a potential replacement for SEC Chair Gary Gensler. Trump proposed using “recess appointments” — traditionally considered to be interim cabinet members — to circumvent potential Senate delays.
His Nov. 10 post suggested that, as president, Trump would prioritize appointing those willing to support this approach. Under the US Constitution, the president can make temporary appointments during Senate recesses, a method Trump used previously.
He’s already floated appointments for several key cabinet positions, including announcing Tom Homan as his new “border czar.” However, he hasn’t publicly named a replacement for Gensler, whose term is slated to last until 2026 but remains under the specter of a Trump campaign promise to fire the SEC head on day one.
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