Trump’s ‘DOGE’ Dept: Musk & Ramaswamy Take Charge!

Trump appointed Elon Musk and Vivek Ramaswamy to lead the new Department of Government Efficiency (DOGE).

Author

Danielle du Toit
November 13, 2024

VaultCraft launches V2, TVL skyrockets above $100M

VaultCraft launches V2, partners with Safe, and secures $100M+ in Bitcoin

  • Matrixport, Asia’s leading crypto providers, commits $100M+ in Bitcoin

  • OKX Web3 to launch Safe Smart Vaults with $250K+ in rewards

Here's what we've got for you today:

  • Trump Picks Musk and Ramaswamy to Lead New ‘DOGE’ Department

  • Ethereum ’Poised to Benefit’ Most From Trump Win: Consensys CEO

  • Report Shows Solana Closing the Gap with Ethereum in Market Metrics

  • US Seeks to Recover Crypto Linked to Sam Bankman-Fried’s Alleged China Bribe

Donald Trump appointed Elon Musk and Strive Enterprises co-founder Vivek Ramaswamy to lead the newly formed Department of Government Efficiency (DOGE).

  • Trump announced a new department that will reform federal bureaucracy by reducing regulations, cutting wasteful spending, and implementing wide-ranging agency changes.

  • The department will collaborate with the White House and the Office of Management and Budget to apply what Trump describes as an "entrepreneurial approach" to reform.

  • Ramaswamy and Musk both celebrated the initiative on social media. Musk even called it a "threat to bureaucracy."

Joe Lubin believes that Ethereum is “poised to benefit” more from Donald Trump’s election victory than any other protocol.

  • Consensys has been butting heads with the SEC recently, and even blamed the regulator’s “abuse of power” for the company cutting 20% of its workforce in October.

  • After Trump’s recent election victory, Consensys founder Joe Lubin believes there will be a much more favorable environment for Ethereum, especially if there are some changes in SEC leadership.

  • U.S. spot Ethereum ETFs have seen record inflows after the election, and reached $295 million in inflows on Nov. 11.

The Solana blockchain network is catching up with Ethereum, thanks to growth in some key economic metrics throughout 2024.

  • Syncracy Capital's report revealed Solana's very impressive growth in transaction value, application revenue, and TVL, which are areas Ethereum usually stands out in.

  • Solana's real economic value (REV) surpassed Ethereum’s by 111% by October of 2024.

  • Solana's total application revenue (TAR) also rose dramatically to 109% of Ethereum's. This is a huge leap up from only 1% last year.

U.S. prosecutors filed a lawsuit demanding $17.9 million worth of crypto tied to alleged bribes paid to Chinese officials before the FTX collapse.

  • Prosecutors allege that in November of 2021, Sam Bankman-Fried directed a $40 million USDT bribe through Alameda Research to Chinese officials to unlock $1 billion in frozen crypto assets.

  • It is believed that the bribe was laundered through multiple private wallets to obscure its origin, with part of it eventually ending up in a Binance deposit wallet.

  • The account linked to the alleged bribe contains many different cryptocurrencies, including Solana, Cardano, Ripple, Internet Computer, and Avalanche.

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