In a shocking development that has set both political and tech circles ablaze, a senior official from the Trump administration has reportedly positioned himself to take control over Dogecoin (DOGE), the once-meme cryptocurrency championed by Elon Musk. The revelation has sparked intense backlash from Democratic lawmakers, who view the move as a blatant politicization of decentralized finance.
According to multiple insider reports, Steven Mnuchin, former Treasury Secretary under President Donald Trump, is leading a consortium that has quietly acquired significant Dogecoin infrastructure, including a major stake in a top-tier DOGE development hub and partnerships with key mining networks.
This move comes just weeks after Elon Musk posted cryptic tweets indicating he was “stepping back” from day-to-day influence on Dogecoin, citing a desire to let the project evolve “organically.” While Musk still holds personal investments in DOGE, insiders suggest that he has relinquished control over key development direction and promotional efforts.
“I’ve done what I can. Now it’s time for others to shape the future,” Musk tweeted last month.
Mnuchin, known for his ties to Wall Street and his aggressive deregulatory stance on digital assets during his time in office, has long expressed interest in the crypto space—albeit cautiously. But his sudden emergence as a central figure in Dogecoin has blindsided many, especially given the currency’s roots in internet culture and anti-establishment humor.
“This is a power grab, plain and simple,” said Rep. Alexandria Ocasio-Cortez (D-NY). “Cryptocurrency is supposed to be decentralized. Now we have a Trump insider trying to turn DOGE into a political tool.”
Indeed, Democrats have wasted no time voicing outrage. Senate Banking Committee Chair Sherrod Brown (D-OH) announced an emergency review into “potential political manipulation of decentralized financial markets,” citing concerns over transparency, influence, and regulatory loopholes.
But Mnuchin’s allies argue that his involvement will bring much-needed legitimacy and stability to Dogecoin.
“Mnuchin brings experience, financial discipline, and a long-term growth vision,” said a spokesperson for Liberty Asset Management, the firm facilitating the DOGE acquisitions. “He sees DOGE not as a joke, but as a serious payments solution for the future.”
The move also aligns with broader Republican efforts to embrace cryptocurrency as part of their 2024 platform, pitching digital assets as a cornerstone of financial freedom, innovation, and resistance to government overreach.
A recent CPAC panel even featured a segment titled “The Future Is Crypto — And It’s Red, White & Blockchain,” where several speakers praised DOGE as “the people’s coin.”
Still, questions remain about the legality and ethics of such a takeover. Dogecoin, while decentralized in theory, depends heavily on the coordination of developers, exchanges, and miners. By aligning these groups under a Trump-era financier, critics fear the cryptocurrency’s core principles are being compromised.
Crypto experts are divided. Some see this as the inevitable “mainstreaming” of meme coins, while others fear a loss of community trust.
“Dogecoin always thrived on irreverence and grassroots culture,” said crypto analyst Lark Davis. “Handing it over to a political heavyweight changes the vibe entirely.”
Meanwhile, Elon Musk has remained mostly silent, fueling speculation. His only public reaction to the Mnuchin news came in the form of a single emoji tweet: 🤷♂️
Whether Musk was forced out, chose to leave, or orchestrated this behind the scenes remains unclear. But one thing is certain: the world’s most meme-worthy crypto is no longer just a joke. It’s now the center of a political storm with billion-dollar implications.
As the battle over Dogecoin’s future intensifies, both the crypto community and political world brace for a turbulent ride.
