Trump Alleges DOJ Received Fraud Tips from Musk’s Dogecoin Network—Crypto Watchers Brace for Fallout
Former president drops bombshell claim linking Elon Musk’s meme-coin to federal investigations. DOGE holders suddenly checking their portfolios twice.
When hype meets regulation: Another day in crypto’s wild west. Just remember—when the SEC comes knocking, even ’to the moon’ tokens crash back to earth.
DOGE cuts through agencies while Elon steps back
Musk, whose title is “special government employee,” has been running DOGE from the inside. That role, however, ends in May—130 days after it started. Musk told reporters he won’t continue in the same role full-time, but he still plans to help Trump overhaul departments from the outside.
The fact that Musk is stepping down makes the future of DOGE unclear. Without its loudest enforcer, no one knows who’s calling the shots. But people close to Trump say the cost-cutting won’t stop. The mission stays on track whether Musk stays or not. What happens to its leadership next is still undecided.
The entire campaign has pissed off critics, who say the cuts are reckless and cruel. They argue DOGE has endangered key sectors like emergency services and foreign aid. But Trump and Musk say this is what it takes to wipe out corruption, overspending, and useless programs.
DOGE, which has been updating its progress on its official website, claims it has saved $160 billion for U.S. taxpayers. That site, though, has been full of errors. Numbers posted keep getting edited, retracted, or corrected. The goal? Save $2 trillion. So far, they’re nowhere NEAR that number.
U.S. Treasury borrowing drops under DOGE’s knife
A new report reposted Tuesday by DOGE’s X account (formerly Twitter) used data from the U.S. Treasury Department to show that the federal government’s borrowing needs had dropped.
Specifically, for the second quarter of 2025, borrowing needs came in $53 billion below what was expected back in February. The change was directly linked to DOGE’s work cutting down operating costs across agencies.
The Treasury, in its Q2 and Q3 calendar update, added a note confirming that “the current quarter borrowing estimate is $53 billion lower than announced in February.”
That’s not a small drop. It’s connected to DOGE’s slashes in budget lines and personnel. And while it’s not solving everything, it’s clearly slowing down the rate of government borrowing—at least for now.
The Treasury said tax receipts are “slightly above prior-year levels,” and spending is hanging near the bottom end of the historical range. The full statement added: “Fiscal flows year-to-date are coming in better than expected (thank you, DOGE).
Gross receipts are tracking slightly above prior-year levels (adjusted for CBO forecasts for 2025), while outlays are closer to the bottom of the historical range, although sadly nowhere near enough to make a notable impression over the long term.”
So DOGE is saving money, just not fast enough to fix everything. But it’s chipping away, and that’s enough for Trump to stay committed to it.
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