Elon Musk denied reports that he has been advising former President Donald Trump on cryptocurrency matters but reiterated his support for digital assets.

The Tesla and SpaceX CEO's public denial came in response to claims by Bloomberg and the Wall Street Journal that Trump is considering Musk for a policy advisory role if he wins the upcoming election.

Musk stated on social media on May 30:

"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 suggested that Trump is thinking about formalizing Musk's input on economic and border security policies in a potential future administration.

Musk has been a significant, though sometimes controversial, figure in the crypto world. Tesla's high-profile Bitcoin purchase and Musk's frequent endorsements of Dogecoin, including during his appearance on Saturday Night Live, have made him a prominent advocate for digital assets.

Trump's position on crypto has evolved from initial skepticism—once calling it a "scam"—to embracing digital assets, particularly through his successful NFT ventures. This shift reflects a broader trend of crypto becoming a key issue 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, reflecting Musk's growing alignment with the Republican Party.

Musk has also been involved in efforts to dissuade prominent US business leaders from supporting President Joe Biden, who defeated Trump in the 2020 election and is seeking a second term.

Reported talks between Trump and Musk included billionaire investor Nelson Peltz and discussions about funding a "data-driven project to prevent voter fraud," though details remain vague.

Trump campaign spokesperson Brian Hughes emphasized that only Trump will decide "what role an individual plays in his presidency."

Representatives for Trump and the Biden campaign have yet to comment on the matter.

No formal endorsement

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

Musk has publicly criticized Biden’s policies on immigration, electric vehicles, and tariffs, though he has not formally endorsed any candidate for the upcoming election.

Reports noted that Musk’s growing association with the Republican Party and his controversial statements have affected his reputation among some consumers.

As the election nears, the intersection of crypto and politics continues to deepen, with figures like Musk playing increasingly prominent roles in shaping the debate.