• Crypto & Funx
• 15 Feb, 2025

Elon Musk pledges to cut at least $2 trillion from the federal budget if Trump wins the election.

Musk leads Trump’s “Department of Government Efficiency” and has donated over $132 million to the 2024 campaign.

Ripple CEO Brad Garlinghouse remains optimistic about a pro-crypto Congress despite ongoing US regulatory challenges.

took center stage at a vibrant rally in New York’s Madison Square Garden, making headlines with a staggering promise. Musk that a victory in the upcoming election could lead to a reduction of at least $2 trillion from the federal budget.

“Your money is being wasted,” he proclaimed, emphasizing his commitment to “get the government off your back and out of your pocketbook”.

Musk’s role in the campaign involves more than just speeches. Donald Trump has proposed that Musk, his leading campaign donor, as the head of a new cost-cutting project. Dubbed the “Department of Government Efficiency” (DOGE), the initiative playfully nods to Dogecoin, a cryptocurrency Musk avidly supports.

LET’S GOOOO!!!! pic.twitter.com/2ifjLk9iIT

LET’S GOOOO!!!!

During the rally, Howard Lutnick of Cantor Fitzgerald challenged Musk on potential savings under different administrations. Musk responded confidently:

“You think we can rip off this wasted $6.5 trillion Biden budget? Well, I think we can do at least $2 trillion. Yeah, yes, two trillion. I mean, at the end of the day, you’re being taxed; you’re being taxed – all government spending is taxation.”

“You think we can rip off this wasted $6.5 trillion Biden budget? Well, I think we can do at least $2 trillion. Yeah, yes, two trillion. I mean, at the end of the day, you’re being taxed; you’re being taxed – all government spending is taxation.”

Elon Musk’s Tax Savings Promise

Trump called for major budget cuts and introduced a tax credit supporting family caregivers, though funding specifics lack clarity. His tax proposals target a wide range of Americans, from hourly workers to seniors, while also aiming to lower corporate taxes and incentivize domestic production, indicating a broad economic reform agenda.

Beyond tax cuts, Trump plans to impose universal tariffs on imports, aiming to boost revenue. Economists warn these tariffs could raise prices for US households, yet Trump insists on their necessity for stability and growth.

Musk’s financial contributions to the Trump campaign exceed $132 million, aiding Trump and other Republican candidates in the 2024 race. Musk’s sizable backing highlights his impact on the political scene, as he leverages wealth and influence to support an administration pushing for substantial budget and tax reforms.

Ripple CEO Optimistic Post-Election

Ripple Labs CEO Brad Garlinghouse also voiced mixed sentiments on US crypto regulations, balancing caution with hope. Despite past difficulties, he remains optimistic about the post-election climate.

“This is the most important election we’ve had, but I also believe no matter what happens, we’re going to have a more pro-crypto, more pro-innovation Congress than we’ve ever had,” he shared with CNBC at DC Fintech Week.

Ripple, a leader in global payments through its XRP token , primarily conducts business outside the US, with nearly 95% of operations abroad. This international emphasis highlights friction in Washington’s regulatory stance. A notable legal win last year marked a milestone for Ripple when a judge ruled that XRP is not a security in retail exchange sales, bringing relief to the crypto sector.

Garlinghouse advised fintech startups to establish themselves abroad, bypassing US regulatory obstacles. He remains hopeful about the industry’s potential, suggesting any setbacks will prove temporary. Garlinghouse believes the US might eventually acknowledge missed opportunities, but he sees the sector’s resilience as inevitable.