Elon Musk has denied reports that he is advising former President Donald Trump on crypto matters but confirmed his support for digital assets.

Musk's denial came in response to Bloomberg and Wall Street Journal reports suggesting Trump is considering Musk for a policy advisory role if he wins the November election.

On May 30, Musk stated on social media:

“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 indicated that Trump might formalize Musk's input on economic and border security policies in a future administration.

Musk has been a notable figure in the crypto world, with Tesla’s Bitcoin purchase and his endorsements of Dogecoin. His influence in the digital asset space is significant.

Trump’s view on crypto has shifted from skepticism, calling it a “scam,” to embracing digital assets through NFT ventures, reflecting a broader trend of crypto's prominence in the 2024 presidential election.

Musk's reported involvement

According to the Wall Street Journal, Trump and Musk have discussed formalizing Musk’s influence on policy, aligning Musk with the Republican Party. Musk has also tried to dissuade US business leaders from supporting President Joe Biden, who is seeking a second term.

Talks between Trump and Musk reportedly involved billionaire investor Nelson Peltz and discussions on funding a project to prevent voter fraud, though details are limited.

Trump campaign spokesperson Brian Hughes stressed that only Trump will decide “what role an individual plays in his presidency.”

Representatives for Trump and the Biden campaign have not commented on the matter.

No formal endorsement

In March, Musk said he would not financially support either Trump or Biden but would use his influence to rally against Biden.

Musk has criticized Biden’s policies on immigration, electric vehicles, and tariffs but has not formally endorsed a candidate for the November election.

Reports suggest Musk's growing association with the Republican Party and his controversial comments have affected his standing with some consumers.

As the election nears, the connection between crypto and politics deepens, with figures like Musk playing key roles in shaping the conversation.