The Department of Government Efficiency (DOGE), under Elon Musk's leadership, experienced a 9% reduction in federal employees from January to November 2025. Despite these layoffs, federal spending increased by nearly 6%, reaching $7.558 trillion by December 19, according to the Hamilton Project. The Cato Institute highlighted that these were the largest peacetime layoffs, yet they did not significantly impact overall spending. Musk, who stepped down in May, described the initiative as "a little successful." Meanwhile, the EU's Markets in Crypto-Assets Regulation continues to be a separate focus for policymakers, with ongoing global efforts to counter the financing of terrorism.