The tech billionaire joins the incoming administration to "dismantle government bureaucracy" - but what's in it for both of them?

U.S. President-elect Donald Trump on Tuesday named Elon Musk to a role aimed at creating a more efficient government, handing even more influence to the world's richest man who donated millions of dollars to helping Trump get elected.

NEW YORK Nov 13 (Reuters) - Congress is likely to adopt legislation governing cryptocurrencies during President-elect Donald Trump's administration, Jay Clayton, a former top Wall Street regulator and potential political appointee, said on Wednesday.

Trump’s current stance on crypto is a major departure from his last term as president. In the summer of 2019, Trump criticized cryptocurrency on social media, claiming it could be used to facilitate illegal activities. And during his presidency, the Trump administration’s regulatory actions included the SEC’s controversial lawsuit against Ripple.

Cryptocurrency token Bitcoin rallied its way to breach the $90,000-mark and hit its all-time high on Wednesday as President-elect Trump pledged easing digital token norms, reported the news agency AFP.