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Musk's DOGE & US Treasury Dispute

Musk's DOGE & US Treasury Dispute

Cryptocurrency News

Elon Musk's Department of Government Efficiency (D.O.G.E.) is causing a stir in Washington, D.C., following its targeting of the U.S. Treasury. This action has resulted in the departure of a senior Treasury official, fueling market discussions and speculation regarding the price of Dogecoin.

DOGE Targets US Treasury

Reports suggest David Lebryk, a high-ranking U.S. Treasury official, resigned after disagreements with Elon Musk's allies. A Washington Post report, cited by Reuters, indicates the conflict stemmed from DOGE's request to audit a critical payment system processing over $6 trillion annually. This system handles Social Security, Medicare, federal salaries, and tax refunds.

The reasons behind Musk's team's audit request remain unclear. A DOGE spokesperson declined to comment, and the U.S. Treasury hasn't responded to inquiries.

Musk Accuses Treasury of Fraud

Activist Robby Starbuck questioned the Treasury's resistance to an audit, suggesting DOGE was investigating potential overspending and inefficiencies. Elon Musk, responding on X, alleged that Treasury officials were instructed to approve all payments, even those to fraudulent or terrorist groups. He stated: "The DOGE team discovered...payment approval officers at Treasury were instructed always to approve payments, even to known fraudulent or terrorist groups. They literally never denied a payment in their entire career. Not even once."

This accusation has raised significant public concern about financial mismanagement within the federal government.

Ambitious Cost-Cutting Plans for DOGE

Alongside the Treasury controversy, Musk outlined aggressive cost-cutting goals for DOGE. He reiterated his aim to reduce daily federal spending by $4 billion by 2026, aiming to cut the deficit from $2 trillion to $1 trillion. A recent X post indicated optimism: "I am cautiously optimistic that we will reach the $4B/day FY2026 reduction this weekend."

Achieving this would represent a major improvement in government efficiency.

Market Reactions and Dogecoin Speculation

Given Musk's involvement, investors are speculating about the impact on Dogecoin's price. While no direct link exists between DOGE and Dogecoin, the similar acronyms often influence market sentiment. Experts anticipate these developments will affect Dogecoin's price. Furthermore, recent Dogecoin whale accumulation trends suggest growing investor confidence.

Musk's DOGE initiative is likely to significantly influence Dogecoin's price. Market observers will closely monitor the Department's strategies for reducing U.S. federal spending.

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