By Christian Franklin
Story
In a surprising statement, a senior official from the Trump administration clarified that Elon Musk, who leads the new Department of Government Efficiency, holds no formal or official authority over Dogecoin, despite the billionaire’s significant influence on the cryptocurrency market. The comment comes in response to growing public speculation that Musk’s statements and actions could have direct impacts on the digital currency.
A Trump administration personnel official emphasized that Musk’s role, though prominent in the tech and business sectors, does not extend to making government decisions or controlling the fate of DOGE.
The official’s remarks aim to address the misconceptions surrounding Musk’s relationship with the popular cryptocurrency. While Musk’s tweets and public endorsements have undeniably affected the price of Dogecoin, the White House asserts that his influence is purely personal and does not translate into governmental or regulatory control.
“Elon Musk may be a powerful figure in the tech industry, but he has no actual or formal authority when it comes to making government decisions,” the official stated. This clarification comes amid increasing concerns about the potential for cryptocurrency manipulation and the role public figures play in influencing market trends.
Despite Musk’s repeated involvement in the digital currency sphere, including his tweets that have led to sharp rises and falls in DOGE’s value, the White House’s stance makes it clear that he does not hold sway over its regulatory framework.
As the debate around cryptocurrency regulations continues, this statement from the White House serves as a reminder that, while Musk’s actions may influence public perception and market behavior, they do not equate to formal control over the asset class.
Unofficial advisers not new
Several presidents for the United States have had unofficial advisers who helped them make decisions.
The most famous is probably the “kitchen cabinet” of President Andrew Jackson, who served 1829-1837. He had an official cabinet of six men during his first term, but rumors about Margaret Eaton, the outspoken and flirtatious wife of Secretary of War John Eaton, caused problems among the cabinet, whose wives refused to socialize with Margaret. Even Jackson’s demand that all the husbands and wives get along didn’t work.
Instead, Jackson turned for advice to an unofficial group of advisers — his Kitchen Cabinet. Although some of his official cabinet were included in this group, many friends and Emocratic Party associates made up the bulk of the men. Some of those friends included Francis Preston Blair, the editor of the Washington Globe, which was the Democratic Party’s official newspaper. Journalist Isaac Hill and newspaper editor Amos Kendall were also part of the group.
Jackson was not the only president to have an unofficial group of advisers. Theodore Roosevelt called his the “tennis cabinet,” a group of friends and advisors who would regularly play tennis on the White House lawn. Warren G. Harding’s “Ohio Gang” was sometimes referred to as the “poker cabinet.” It was perhaps an appropriate name as Harding’s legacy was tarnished by scandals that included hush money to conceal extramarital affairs, a child born out of wedlock and criminal activity of the friends he aplointed to high offices.
President Herbert Hoover gathered his friends early in the morning to play “Hoover Ball” on the south lawn of the White House. This “Medicine Ball Cabinet” would throw an 8-pound leather ball over a 9-foot net, all under the watchful eye of Dr. Joel Boone, a Navy physician who served as the White House doctor to Harding, Calvin Coolidge and Hoover. The group of men who participated were Hoover’s closest friends. Boone was concerned about Hoover being healthier and suggested he throw around the medicine ball to up his activity levels each day. Ronald Reagan had a group of California businessmen who served as his advisers.
— Sources: WhiteHouseHistory.org, History.com, med.navy.mil, nytimes.com,