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Tesla Turmoil Sparks Questions, But DOGE Holds—Is a Surge Ahead?

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  • Dogecoin remained stable around $0.175 despite rumors about Tesla seeking a new CEO.
  • Tesla and Elon Musk denied reports of a leadership change amid concerns over his political involvement.
  • DOGE showed minimal reaction to the rumors, reflecting a maturing market response to Musk-related headlines.

Dogecoin (DOGE) held steady around the $0.175 mark despite rumors of a leadership shakeup at Tesla involving Elon Musk. The price increased by 0.5% in the last 24 hours, reflecting limited market reaction. Although the speculation was denied, the token showed unusual stability compared to past Musk-related developments.

Tesla Leadership Rumors Fail to Move DOGE Price

Recent information revealed that Tesla’s board had contacted executive search firms to address their concerns regarding Elon Musk’s growing political involvement. Tesla and Musk rejected the statements, classifying them as incorrect. The market reaction to Dogecoin showed minimal price volatility as evidence of Musk’s decline in influence on its value.

Tesla decided to start accepting Dogecoin payments when buying its merchandise during the initial months of 2022 and continues to be the unique leading company that enables this option. Past statements from Elon Musk and his activities create immediate price volatility of large magnitudes for DOGE within short periods. Market participants in this situation did not exhibit their typical response behavior.

The change in sentiment signals a more predictable market reaction, which occurs along with increased focus on the coin’s core developments. The rumor failed to cause significant trader movement between entering and exiting the market. Market participants have evolved their responses to Musk-related news based on these recent examples.

Spot DOGE ETF Optimism Sparks Bullish Sentiment

The crypto market demonstrates rising interest about the upcoming approval of a spot Dogecoin exchange-traded fund because it signifies a transformation for the token’s future direction. Nasdaq filed a 19b-4 form with the SEC on April 29, submitted for the 21Shares Dogecoin ETF listing. The S-1 registration occurred first from 21Shares and House of Doge before they filed the 19b-4 form.

According to Eric Balchunas and James Seyffart of ETF analyst ranks, the SEC is 80% likely to authorize the spot Dogecoin exchange-traded fund before the end of 2025. The approval of a 21Shares Dogecoin ETF by the SEC would signify a substantial boost towards institutional adoption of the token. The clearance of this ETF will make it the initial distributed ETF for DOGE within the United States.

Analysts and market traders have become optimistic following the optimistic signals about SEC approval. Because of this development, new capital will enter the market through regulated financial institutions. Investors’ positive outlook may affect DOGE’s future ranking position as a top digital asset.

Whales Accumulate 100 Million DOGE as Accumulation Pattern Builds

Large wallet addresses acquired a total of 100 million DOGE worth $17.5 million during the previous seven days. Major market participants demonstrate increased confidence through the boosted whale accumulation of bitcoins into their wallets. This recent surge in whale activity supports market expectations of an imminent significant price movement.

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Source: X

The daily price of DOGE is above its 20-day Simple Moving Average while maintaining upward momentum between Bollinger Bands. After breaking decisively above $0.19, the price should aim for $0.21. The current technical market indicators reveal a neutral stance without major market speed changes.

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DOGE price chart | Source: TradingView

Dogecoin created an Accumulation Cylinder according to analyst-noted chart patterns on the 3-day chart during July 2024. A positive indication of substantial price appreciation often occurs after the Accumulation Cylinder pattern is validated by increased volume traded. Many Dogecoin participants anticipate upcoming price surges that will take the currency into new elevation territories.

Coinbase Fights for Crypto Users’ Privacy in Landmark IRS Case

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  • Coinbase challenges IRS surveillance in a landmark Supreme Court case.
  • IRS’s John Doe summons threatens users’ digital privacy, Coinbase warns.
  • Court ruling could reshape crypto privacy laws for digital financial data.

Coinbase has requested the U.S. Supreme Court to address IRS’s surveillance on crypto transactions. Coinbase has petitioned the Supreme Court to restrict the IRS from monitoring crypto transactions on exchanges and digital wallets. In the case of Harper v. O’Donnell, Coinbase collaborated with Elon Musk’s X, privacy groups and several states to petition the U.S. Supreme Court to reassess digital privacy laws.

Coinbase Vs IRS John Doe Summons

The case focuses on the 2016 John Doe summons which the IRS issued against Coinbase. The summons forces crypto exchanges to provide exclusive user data to the IRS to help the agency to identify crypto tax evasion. Coinbase argues that the use of third party platforms such as exchanges should not violate user privacy. The firm believes strict regulations should govern IRS data requests to prevent violation of user privacy. 

Coinbase claims that the data requests could provide the IRS the power to use user transaction history to monitor crypto exchanges in real-time. Coinbase considers this power as a major violation of user privacy. The company cites the Carpenter v. The United States case where the Supreme Court ruled that access to cell-site location data required warrants. The exchange requires similar treatment when requesting access to blockchain transaction data.

Furthermore, Coinbase argues that blockchain technology can provide pseudonymous identities to users but can not anonymize their financial activities. The submission claims that the user’s identity could be revealed when linked to a specific wallet address. Coinbase argues that the situation could expose personal financial data and diminish the expected user privacy from cryptocurrencies.

Crypto Industry Anticipates Decision on the Coinbase Case

The outcome of this case could establish a precedent for digital privacy in the United States. If the Supreme Court accepts this case, it will transform how the Fourth Amendment interprets digital financial data regulations. If the court rules in favour of privacy groups, it will change how government agencies access and use digital data. Moreover, it could reform data storage protocols by private companies and law enforcement agencies. 

Coinbase’s petition demonstrates its commitment to protection of privacy in the digital asset space. Moreover, the company has called for improved regulations in digital finance. 

The Supreme Court is expected to issue a decision on whether to accept the case later this year. If the court accepts the case, oral submissions will start in the next year. 

Elon Musk Breaks Silence on DOGE: No Plans to Adopt Dogecoin Yet

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  • Elon Musk confirmed that the Department of Government Efficiency will not adopt Dogecoin for federal use.
  • Musk clarified that the DOGE project focuses entirely on improving government efficiency and is unrelated to cryptocurrency.
  • The department was renamed after public input, which was unintentionally confusing due to its similarity to the Dogecoin name.

Elon Musk confirmed on Sunday that the Department of Government Efficiency (DOGE) has no intention of adopting Dogecoin for federal use. Despite growing public speculation, he clarified the separation between the DOGE initiative and the cryptocurrency. An online crowd got confused because the government project and the well-known cryptocurrency meme coin have identical names.

Musk stated that the government dedicates its attention to operational improvements while avoiding support for cryptocurrency systems. During his public appearance in Green Bay, Wisconsin, he addressed the circulating rumors about the DOGE’s federal use. Although Musk supports Dogecoin personally, he stressed that it holds no official role in federal operations.

Under Musk’s direction, DOGE aims to improve internal systems and reduce excess spending without integrating cryptocurrency. According to his explanation, the department had different names at its origin point until it shifted to a more engaging title. The public feedback process resulted in the official name selection, which caused people to wonder if cryptocurrency plays a role.

DOGE Initiative Targets Efficiency, Not Cryptocurrency Integration

Elon Musk continues to lead the Department of Government Efficiency, which is tasked with improving performance by cutting waste and inefficiency. The initiative will enhance government performance by 15% through systematic changes and expense reduction strategies. Musk clarified that these efforts do not involve Dogecoin or any crypto assets.

The DOGE project has laid off thousands of federal employees and eliminated redundant roles to reduce unnecessary expenses. The department conducted a review that evaluated multiple operating functions to discover possible consolidation locations. The department has organized multiple federal processes through internal operational improvements.

Additionally, DOGE has prioritized reviewing federal expenditures and optimizing procurement systems. The department faced serious problems because it distributed numerous government-issued credit cards. Musk notified authorities about discovering 4.6 million federal government credit cards beyond the number of active workers, which triggered an instant response.

Musk to Step Down After $1 Trillion Deficit Cut Goal

Musk stated that he would depart from his government position after obtaining a $1 trillion deficit reduction goal. His expected date to reach the $1 trillion deficit reduction is the end of May, with a total work period of 130 days. During his interview with Fox News, Musk demonstrated his positive outlook regarding the project timing by revealing his predicted completion date.

Under Musk’s leadership, DOGE has accelerated cost-cutting measures across multiple departments, reviewing contracts and funding allocations. The team has dedicated their efforts toward stopping fraud activities as well as preventing fund misuse and ensuring accountability through proper enforcement measures. His decisions receive approval and disapproval from legislative representatives and the general public.

Critics argue that DOGE’s decisions bypass traditional oversight and legislative review. The critics state that leadership made certain decisions without obtaining correct approval from Congress. The Tesla and SpaceX CEO declared that the company thoroughly examines all decisions before adjusting them to fit legal guidelines.

Musk Reaffirms Separation Between DOGE Project and Dogecoin

Despite his public support for Dogecoin, Musk firmly denied any federal plans to adopt the cryptocurrency for government use. He clarified that DOGE’s mission is focused solely on fiscal responsibility and administrative efficiency. Musk acknowledged that the name coincidences between DOGE and the U.S. government payments system inaccurately suggested such a connection.

Tesla’s CEO has long promoted Dogecoin for its simplicity and potential in day-to-day transactions. He maintains distinct professional boundaries between his government work and his individual opinions. While he continues to post about Dogecoin, it plays no role in his federal efficiency mission.

According to Musk, the DOGE project should not be confused with any digital currency program. He also stated that the adoption of crypto has no place within the existing government policies. This clarification aims to end public speculation and keep attention on DOGE’s true purpose.

Musk’s DOGE Team Gains Exclusive Access to SEC for Efficiency Measures

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  • DOGE team granted SEC access to streamline operations and data.
  • SEC staff to cooperate with DOGE following ethics and security protocols.
  • Lawmakers demand GAO review of SEC’s collaboration with DOGE team.

Elon Musk’s Department of Government Efficiency (DOGE) has reportedly gained access to the U.S. Securities and Exchange Commission (SEC). Musk leads the team which is responsible for the implementation of the government cost-saving initiatives. The SEC revealed they would team up with DOGE but did not outline the exact scope or purpose of their collaboration.

SEC and DOGE Collaboration

The SEC staff received information that members of the DOGE team will receive staff privileges such as network system and data access. The liaison team will assist DOGE requests as well as ensure adherence to ethical standards and IT security measures. The SEC will evaluate data requests on a need-to-know basis before approval.

A team from DOGE received authorization through an executive order signed by President Donald Trump in January. The order enables DOGE to pursue cost-reduction programs that aim to downsize various government entities. The past actions of DOGE, especially the proposed budget cuts for USAID and the CFPB have received widespread criticism.

Musk’s team has received widespread criticism because of its aggressive approach to restructure government agencies. Federal employees have expressed legal skepticism about the controversial dismissals of thousands of workers by DOGE. In March 2025, a federal judge ruled that most dismissed workers must be reinstated to their positions.

The collaboration between SEC and DOGE continues despite these concerns. More than 600 workers from the SEC decided to voluntarily leave their positions as the agency conducts major organizational changes. About 12% of SEC staff have departed from their positions.

Concerns over DOGE’s Influence on SEC

These changes have prompted the SEC to initiate measures to streamline its operations. Democratic senators have expressed concerns about the effects of reduced SEC workforce on investor protection. These senators have demanded the Government Accountability Office (GAO) to review SEC activities influenced by DOGE.

Paul Atkins, President Trump’s nominee for the SEC chair, expressed his readiness to work with DOGE. Atkins expressed his readiness to collaborate with Musk’s team if confirmed as the SEC chair when he appeared before the Senate for his confirmation hearing. The Senate Banking Committee is reviewing his appointment as SEC chair.

The SEC budget is funded by transaction fees instead of taxpayer revenue but remains under public scrutiny. However, the influence of DOGE and its cost-saving measures on SEC continues to raise concerns.These changes at the SEC continue to evolve amid political and legal challenges.

The SEC might provide additional updates about its DOGE-related developments in the coming weeks. The partnership between DOGE and the SEC will determine the commission’s operations in the future although specific effects remain unclear.

Elon Musk Sells X to xAI Amid Lawsuit Controversy Sparking Crypto and Tech Debate

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  • Elon Musk finalizes an all-stock deal transferring X (formerly Twitter) to his AI startup, xAI, valued at $80B, amid ongoing legal challenges.
  • The deal comes just after a judge rejected Musk’s attempt to dismiss a lawsuit claiming he misled Twitter shareholders about the platform’s value.
  • Musk’s AI chatbot, Grok, integrated with X, faces skepticism over its $80B valuation but holds promise for future AI innovations.

Billionaire businessman Elon Musk has officially transferred the ownership of his social media business X (formerly Twitter) to his artificial intelligence startup, xAI. The deal, which closed on March 28, has raised controversy due to the timing coinciding with the same moment a U.S. judge decided to reject Musk’s motion to have a lawsuit alleging he defrauded former Twitter shareholders dismissed.

The lawsuit is a result of accusations that Musk intentionally delayed the disclosure of his initial investment in Twitter, which could have misled shareholders on the true state of the platform’s value. The class-action lawsuit had been a dark cloud over his Twitter ownership, and now, with xAI acquiring ownership of X, the case has taken on a whole new dimension of interest.

As Adam Cochran, a partner at Cinneamhain Ventures, pointed out in a March 28 X post, the situation just got “a whole lot spicier.” In Cochran’s view, the move exposes xAI to possible legal repercussions, rendering it a much larger “pie” of possible liabilities. The twist means that Musk’s AI company can now find itself at the focal point of a high-profile legal battle, one which could damage the company’s reputation and potential.

Elon Musk’s $80B xAI Acquisition of X Explained

Musk’s announcement of the deal on X disclosed that xAI had purchased the platform in an all-stock deal, with the transaction valuing xAI at a staggering $80 billion and X at $33 billion, including $12 billion of debt from X’s original $45 billion valuation. Elon Musk had initially purchased X (then Twitter) for approximately $44 billion in April 2022. In his announcement, Musk highlighted the strategic synergy between xAI and X, stating, “xAI and X’s futures are intertwined. Today, we officially take the step to combine the data, models, compute, distribution, and talent.

Elon Musk said, “This merger will unlock immense potential by bringing xAI’s state-of-the-art AI capability and talent together with X’s vast reach. This will allow us to build a platform that doesn’t just reflect the world but actually drives human progress.

However, not everybody is sold on Musk’s grand vision. Cochran criticized the deal, arguing that Elon Musk had used inflated xAI stock to pay multiple times over for X and was still losing $11 billion on the deal. Cochran speculated that Musk may have made the acquisition to make money off X’s valuable user data, which would be a potential source of significant revenue for xAI in the future. This alarmed both X investors and xAI investors, suggesting that the deal may not be as wonderful as it appears on the surface.

At the heart of this transaction is xAI’s signature AI chatbot, Grok, which is integrated into the X platform. Grok, unveiled in November 2023, has been generating a buzz for its quality performance, with Musk stating that it would beat OpenAI’s early version of ChatGPT in academic testing. Musk’s goal with Grok, according to his statements at the time, was to create AI tools that would “empower research and innovation,” with the ultimate aim of benefiting humanity.

Elon Musk’s xAI Merger and Grok’s $80B Potential

Whereas some critics, including Cochran, have referred to Grok’s $80 billion valuation as “insanely dumb,” there are others who believe there is potential in the model. Crypto developer Keef, for one, disagreed that Cochran’s judgment was fair, pointing out that while the deal may be shady, Grok’s functionality could possibly make it a world-class AI model for a variety of tasks.

As Musk proceeds with the merger of xAI and X, the broader implications of this purchase are uncertain. Will xAI’s new acquisition unlock the whole promise of AI technology, or will it unleash additional legal and financial headaches for Musk’s corporate empire? Only time will tell, but the controversy surrounding this transaction has added one more layer of complexity to an already volatile landscape in the tech and crypto world.

For now, the world is watching closely as Musk’s AI ambitions continue to evolve, and the legal battle over his past dealings with X may shape the future of both the platform and the broader AI landscape.

Related | 34 China Citizens Has Jailed for $64M Crypto Scam That Tricked 30,000 People

DOGE’s SuperTrend Flips Bullish As Elon Musk’s Cryptic Tweet Fuels Hope

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  • DOGE’s SuperTrend indicator signals a potential bullish shift if it breaks $0.21. Traders eye this level for a buy signal, despite market volatility.
  • Elon Musk’s “Lion King” meme sparks DOGE optimism, fueling speculation about its rising importance and hinting at Musk’s current focus.
  • Institutional interest in DOGE surges with Grayscale’s fund launch, alongside MACD breakout signals, with traders targeting a $1 price goal.

OG meme coin DOGE is back in the limelight. As per Ali Martinez, the token’s SuperTrend indicator is flashing signs of a bullish phase upon breaking the $0.21 resistance level.

Traders often used this metric to identify potential buy or sell signals. As seen in the chart, the indicator line is the grey line. DOGE’s price has mostly traded below the gray area, indicating a downtrend. A break above the key resistance line could shift to the bullish path. This also means that the SuperTrend indicator would flip from a sell signal to a buy signal if the price crosses above the key hurdle.

This metric acts like a traffic light for traders, which might turn green following a price breakout. Still, such indicators are always foolproof, as market conditions vary rapidly; traders should use them along with other analyses and risk management to gauge price movements.

DOGE
DOGE's SuperTrend Flips Bullish As Elon Musk's Cryptic Tweet Fuels Hope 4

The optimism surrounding the top meme coin comes after Elon Musk shared a cartoon image holding a Shiba Inu, resembling that of the iconic “The Lion King,” where Rafiki holds up Simba. Fans speculate if the post suggests some kind of triumph or celebration, or even the rising importance of DOGE.

DOGE’s $1 Target: Grayscale Fund & MACD Breakout Fuel Optimism

It could also be a cryptic hint of Musk’s current focus. Nevertheless, “the theme of the day” is open for interpretation and could likely be intended to be funny and playful, rather than serious.

That being said, the meme coin ecosystem is heating up as institutional interest is on the rise, with Grayscale launching a Dogecoin-focused fund, bringing serious attention to the meme coin. Analysts also note the MACD breakout, which could pave the way for a major run-up. As for now, traders are eyeing a much bigger target of $1 for the next leg up.

$DOGE had a perfect multi-year support trendline retest. Memes are slowly moving up now, and I expect the meme coin to lead the rally.

Musk vs. Rogan: Are Meme Coins Just Digital Ponzi Schemes?

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  • Meme coin debate: Musk and Rogan clash on regulation. Rogan fears “pyramid schemes,” while Musk likens it to risky gambling.
  • Ponzi schemes plague crypto: Regulators lag, exploiting investor naivety with promises of fast returns, as seen in the LIBRA token collapse.
  • SEC’s stance: While fraud isn’t condoned, enforcement may fall to others. Investors face a “buyer beware” climate in crypto.

Elon Musk and Joe Rogan’s latest podcast sparked a debate on meme coins, drawing parallels to casinos and the “greater fools theory.” Rogan stressed the need to regulate meme coin pumps and dumps, citing their “bananas” nature. He worries investors risk real money on volatile assets, hoping to “dump” before the crash.

Musk responds, comparing the activity to gambling, advising against risking significant funds. Rogan, however, distinguishes meme coins from casinos, suggesting their structure enables “real pyramid schemes.”

While the podcast garnered mixed reactions, it has thrust renewed focus on meme coins and their potential misuse by bad actors. CertiK’s security experts notes that the decentralized nature and regulatory gaps make them an easy target for Ponzi schemers to create deceptive projects. They emphasizes the allure of “high, fast returns” that trap unsuspecting investors. The anonymity factor in many crypto transactions further complicates efforts to track and prevent fraud.

Citing the OneCoin Ponzi scheme as a stark example of the widespread damage such scams inflict. Despite high-profile cases, similar schemes continue to pop up, capitalizing on investor naivety and regulatory loopholes.

The most recent cases are the LIBRA and TRUMP meme coins. The collapse of the $LIBRA token, launched as Argentina’s “official” meme coin, exemplified a major crypto scam built on insider trading, political bribery, and market manipulation.

SEC Bombshell: Meme Coins Aren’t Securities

Amidst this drama, the SEC just said that meme coins are generally not considered securities under US federal law. According to the regulator, meme coins have “limited or no use” and do not need to be registered with the SEC.

Meme coins
Musk vs. Rogan: Are Meme Coins Just Digital Ponzi Schemes? 6

While this does not absolve fraudulent actors, the SEC acknowledges potential prosecution by other agencies, notably the Department of Justice. For now, investors must exercise extreme caution.

Market sleuths also warn that the promise of quick wealth often conceals a sophisticated Ponzi scheme. Additionally, the regulatory bodies must act swiftly to counter the proliferation of Ponzi schemes in the rapidly evolving cryptocurrency market.

XRP Faces Pressure as Elon Musk’s DOGE Challenges SEC: Ripple’s Next Move

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  • The Department of Government Efficiency (DOGE) launched an X account, @DOGE_SEC, aiming to expose SEC misconduct, waste, and corruption.
  • Findings from DOGE’s review may increase scrutiny on the SEC’s past decisions and impact it’s future regulations.

Ripple’s XRP dropped by 4% during the Asian session on Tuesday after news broke that the Department of Government Efficiency (DOGE) plans to review the Securities and Exchange Commission (SEC). 

This development raised concerns among investors, leading to increased market uncertainty. Many are unsure about how this review could impact regulatory policies and the crypto industry at large.

The Mark of A New Beginning by the DOGE 

A recently created X account, @DOGE_SEC, is putting in efforts to expose misconduct, misuse of funds, and corruption within the regulatory agency. In the X post, the account encouraged followers to send a message on any issues related to finding waste, fraud and abuse relating to the Securities and Exchange Commission.

This initiative aims to bring transparency and accountability, drawing attention from the crypto community and beyond.

Expectations Amid the Investigation of SEC 

DOGE’s aim to investigate potential waste, fraud, and misconduct has caused significant market fluctuations over the past 24 hours, sparking discussions across various digital asset circles. 

If Department of Government Efficiency uncovers waste or misconduct in crypto-related cases, including Ripple vs. SEC, it would strengthen its beliefs that the agency targeted digital asset firms under former Chair Gary Gensler. This could weaken SEC position in their opposition against Ripple could add pressure on regulators and fuel debates about past decisions.

Stuart Alderoty, Ripple’s Chief Legal Officer has suggested that new information will soon come out in the case against the company.“I have the receipts”, He hinted while revealing important documents that could expose the SEC’s actions. 

Investors and analysts are closely watching for any developments that might influence regulations or impact the broader financial landscape.

Related | MEMX Exchange Files for SEC Approval to List 21Shares XRP ETF

$50B Lost in Fraud? Musk & DOGE Push for Urgent Treasury Overhaul

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Key Takeaways:

  • Elon Musk & DOGE exposed major flaws in U.S. government payments, urging immediate reforms.
  • An estimated $50 billion per year is lost due to fraudulent entitlement payments.
  • Treasury employees supported changes, but past leadership failed to act.

Elon Musk has once again ignited a major debate, this time over government spending. In a detailed post on X, he revealed that the U.S. Treasury and the Department of Government Efficiency (DOGE) team agreed on critical changes to improve financial accountability.

Musk highlighted a staggering claim: over $100 billion in entitlement payments go to individuals with no Social Security Number (SSN) or valid identification, with an estimated $50 billion being outright fraud.

Musk outlined key measures to address these issues: requiring a payment categorization code for all transactions, enforcing detailed payment justifications, and updating the DO-NOT-PAY list to block fraudulent entities. He criticized the lack of oversight, stating that financial audits are nearly impossible under the current system.

Treasury Employees Back DOGE-Linked Changes

In response to Musk’s post, Matt Van Swol, a former U.S. Department of Energy nuclear scientist, revealed that Treasury employees had long pushed for these reforms. However, past management blocked efforts, prioritizing “complaint minimization” over fraud prevention.

According to Van Swol, people receiving money rarely complain, while those denied payments—especially fraudsters—do so loudly, creating resistance to much-needed changes.

Musk described it as “ridiculous” that these fundamental safeguards were not already in place. He also criticized the slow pace of updates to the DO-NOT-PAY list, stating that it currently takes up to a year to remove fraudulent entities. He called for weekly, if not daily, updates to prevent further misuse of taxpayer funds.

$50B Fraud Raises Alarm Over Government Oversight

Musk’s claim that $50 billion per year is lost to fraudulent payments has sparked concerns over financial oversight. If accurate, this translates to $1 billion wasted every week, highlighting the scale of government mismanagement.

He emphasized that these reforms are being implemented by longtime career government employees, not anyone from DOGE, countering speculation about external influence. Musk’s involvement in exposing these inefficiencies has now put pressure on the Treasury to act swiftly.

With the implementation of these measures, Musk and his supporters hope to close loopholes, enhance transparency, and prevent further financial losses. Whether these changes will significantly reduce fraud remains to be seen, but the pressure for greater accountability is undeniable.

Related Reading | Can This Hybrid Trading Platform Dethrone Binance in 2027? DOGE Millionaire Gives Opinion

DOGE Exposes $100B Loophole: Coinbase CEO Demands Blockchain Overhaul for U.S Treasury

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  • DOGE saves $36B, pushing for blockchain in government spending.
  • Musk uncovers $100B loophole, seeks transparency through blockchain.
  • Coinbase’s Armstrong supports blockchain to audit government payments.

Elon Musk’s Department of Government Efficiency (DOGE) has made waves by saving U.S. taxpayers $36 billion in mere weeks. This initiative aims to transform the future of government spending through blockchain technology.

DOGE Launches A New Era for Government Operations

The Department of Government Efficiency launched by Elon Musk has saved US taxpayers $36.7 billion according to reports. The program seeks to reduce U.S. government spending by $2 trillion with its first savings at 1.8% of the target. After achieving notable results Coinbase CEO Brian Armstrong advocates for using blockchain technology to help make government spending more transparent.

In a recent social media post, Armstrong expressed approval of the progress of the DOGE initiative. He emphasized the potential benefits of using blockchain to track every government expenditure. Armstrong believed blockchain technology would allow public authorities to verify spending faster using real-time data during audits.

Blockchain enables anyone online to view data from a decentralized public record. This structured approach would transform how governments track and audit  their financial expenses. Armstrong’s views support Elon Musk’s objectives to limit government bureaucracy and enhance accountability through technology.

Musk Uncovers $100B Loophole

The DOGE program by Musk achieved results that extend beyond cost savings for tax-supported agencies. The agency found a $100 billion space where government funds get wasted every year. Payments under Social Security exist for people who have no official identification numbers in the system. This creates an opportunity for scams.

According to DOGE analysis, 50% of all payments appear to be fraudulent which represents $50 billion of wasted money. Musk’s team takes fast action by demanding better control over money transactions and payment classification. The initiative seeks to improve federal spending practices both in terms of performance and fraud prevention.

Many people support Musk’s demand for enhanced financial auditing and better payment classification. The reform package requires public entities to report their payment types accurately and more frequent updates to the “DO-NOT-PAY” list. These measures target money leaks and improve financial oversight across federal programs.

DOGE’s Ambitious Blockchain Transformation

Musk’s idea to shift U.S Treasury operations to blockchain has attracted increased interest. Experts believe setting up this blockchain framework would put the US ahead as the leading blockchain innovator worldwide. Smardex co-founder Jean Rausis thinks decentralized infrastructure will unite features from Web2 and Web3 platforms.

DOGE has shown considerable potential for blockchain’s role in government efficiency. The agency has saved billions in under three weeks since its launch and seeks to reduce government spending and improve efficiency until July 4, 2026.

Musk’s agency aims to execute these reforms before the 250th anniversary of the U.S Declaration of Independence. The last part of DOGE’s strategy aims to develop a new government system that works better with less bureaucracy. These successful completion of the project will demonstrate how blockchain technology can transform government operations.