- Elon Musk pointed out that the federal agency “D.O.G.E.” is not connected with the Dogecoin cryptocurrency, highlighting the requirement to differentiate similar sounding names in different domains.
- The announcement is intended to avoid misidentifying the federal agency by the investors and the public with Dogecoin, and thereby cause misinformation or speculations.
- Musk assists in the explanation that Dogecoin has no jurisdiction or support from any federal agency, which may impact market perception and investor sentiment.
Statement On The Government Plans
Elon Musk can be Dogecoin’s most high profile booster, but he assures that the U.S. government has no plans to make use of it.
During a March 30 Green Bay, Wisconsin town hall meeting sponsored by his America PAC, Elon Musk kept the federal Department of Government Efficiency (D.O.G.E.) separate from the Dogecoin cryptocurrency.
“There are no plans for the government to use Dogecoin or anything as far as I know,” Elon Musk said. “They happen to be similar names, but really, we’re literally just trying to make the government 15% more efficient.”
Elon Musk elaborated that he got the name from internet polls. “I was going to call it Government Efficiency Commission, but that’s a super boring name,” he said. “Then the internet said it needs to be Department of Government Efficiency. I was like, ‘The Internet is right.’”
But even with this, in February, D.O.G.E.’s official website temporarily featured Dogecoin’s Shiba Inu mascot, sparking rumors of a crypto tie in and pushing the coin up 14% to a $58 billion market cap. Earlier efforts by Musk to promote Dogecoin have resulted in him being probed by the SEC. In 2023, he was the target of a market manipulation lawsuit.
The DOGE Debut And The US Fed
First announced in August 2024, the D.O.G.E. project has been a focal point of President Donald Trump’s effort to shrink the federal government.
The initiative seeks to cut spending, eliminate regulatory duplication, and reorganize federal agencies.
Since its formal inception,
The department has implemented mass firings and reduced funds for climate change related programs, scientific research and diversity.
Affected agencies are the U.S. Agency for International Development (USAID), the Consumer Financial Protection Bureau (CFPB), and the Social Security Administration (SSA).
D.O.G.E. is already subject to multiple lawsuits that seek to reverse its authority.
Who Is Musk On White House?
Musk’s official designation continues to be debatable. The White House insists he is working as a senior advisor with no policy powers, although Trump publicly referred to him as the department’s head.
Musk said he is not being compensated for services for the department.
