Elon Musk denied reports that he had been advising former President Donald Trump on crypto-related matters but reaffirmed his support for digital assets.The Tesla and SpaceX CEO’s public denial came in response to reports from Bloomberg and the Wall Street Journal that claimed Trump is considering Musk for a policy advisory role if he wins the November election.Musk said in a social media post on May 30:“Pretty sure I’ve never discussed crypto with Trump, although I am generally in favor of things that shift power from government to the people, which crypto can do.”The reports suggested that Trump is contemplating formalizing Musk’s input on economic and border security policies in a potential future administration.Musk has had a significant, albeit sometimes controversial, presence in the crypto world. Tesla’s high-profile purchase of Bitcoin and Musk’s frequent endorsements of Dogecoin, including during his appearance on Saturday Night Live, have made him a prominent figure in the digital asset space.Meanwhile, Trump’s stance on crypto has evolved over time. Initially skeptical — even calling it a “scam” — he has since embraced digital assets, particularly through his successful NFT ventures. This shift aligns with a broader trend of crypto becoming a focal point in the 2024 presidential election.According to the Wall Street Journal, Trump and Musk have discussed formalizing Musk’s influence on policy, reflecting Musk’s growing alignment with the Republican Party.Musk has also been involved in efforts to dissuade prominent US business leaders from supporting President Joe Biden, who defeated Trump in the 2020 election and is seeking a second term.The talks between Trump and Musk reportedly included billionaire investor Nelson Peltz and discussions about funding a “data-driven project to prevent voter fraud,” though details remain scarce.Trump campaign spokesperson Brian Hughes emphasized that only Trump will decide “what role an individual plays in his presidency.”Representatives for Trump and the Biden campaign have yet to make a statement on the matter.In March, Musk stated he would not financially support either Trump or Biden but intended to use his influence to galvanize support against Biden.Musk has publicly criticized Biden’s policies on immigration, electric vehicles, and tariffs, though he has not formally endorsed a candidate for the November election.The reports said that Musk’s growing association with the Republican Party and controversial comments have affected his standing among some consumers.As the election approaches, the intertwining of crypto and politics continues to deepen, with figures like Musk playing increasingly prominent roles in shaping the discourse.AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI. Catch the latest in crypto by following us on X. Stay informed on the go.Courts dismissed the case without prejudice, leaving Musk an option to refile the case at a later date.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.Rob Marrocco believes crypto ETFs beyond Bitcoin and Ethereum are unlikely without first establishing a futures market or changing regulation.Ripple said Standard Custody CEO Jack McDonald would help the firm achieve its USD-backed stablecoin plans.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
