US presidential candidate and former President Donald Trump reiterated his support for crypto and endorsed naming tech billionaire Elon Musk to head a new government task force.

While speaking at the Economic Club of New York on September 5, Trump once again expressed his support for the digital asset industry.

Stating that if elected, he would abolish at least ten old regulations in exchange for a new regulation, Trump added:

“Instead of targeting the industries of the future, we will embrace them, making America the world capital of crypto and Bitcoin.”

“I will create a government efficiency commission that will be tasked with conducting a financial and performance audit of the entire federal government, and we will make recommendations for fundamental reforms,” ​​Trump said, thanking Tesla CEO Elon Musk for his support.

“We need to do this, we can’t continue the way we are now,” he added.

Musk reiterated this view in a post on X (formerly Twitter) on September 6, saying, “This is truly necessary,” and “This will bring tremendous prosperity for America.” Musk stated that he agreed to head this task force if he had time, and Trump said he was a good candidate for this.

“Elon agreed to head this task force because he’s not too busy. He’s the best person to do the job if he has the time, and he agreed to do it.”

“I look forward to serving America if the opportunity arises, no salary, title or recognition required,” Musk wrote in a Sept. 5 post on X.

Russian-American computer scientist and podcast host Lex Fridman said:

“Whoever wins, Harris or Trump, I hope they accept your proposal to increase government efficiency.”

Trump stated that one of the new commission’s first tasks will be to develop an “action plan” to completely eliminate fraud and improper payments within six months.

“This will save trillions of dollars. Trillions of dollars are being wasted on the services you have now, and no one knows where it’s going.”

Federal agencies made an estimated $236 billion in improper payments in 2023, according to the U.S. Government Accountability Office, bringing total federal improper payment estimates since 2003 to nearly $2.7 trillion.

Related: Trump’s crypto push on Bitcoin, NFTs and DeFi intensifies ahead of election.

Trump has rebranded himself as a pro-crypto candidate this campaign and is targeting his growing crypto voter base.