It has been several days since Tesla CEO (Nasdaq: TSLA) Elon Musk, who has previously supported cryptocurrencies like Bitcoin and Dogecoin, spoke about forming a new political party in the United States.

According to reports, the political organization has officially registered with the Federal Election Commission (FEC).

Known as the 'America Party (AMEP),' the new organization registered with the FEC on July 6 under FEC Record-1898441 and FEC Committee ID-C00910323.

The filing mentions the candidate's name as Elon Reeve Musk and states:

This committee only supports/opposes one candidate and is NOT a PAC.

The treasurer and record keeper of AMEP is Vaibhav Taneja, the CFO of Tesla.

Musk supported Donald Trump in the 2024 presidential election. After winning, Musk led the Department of Government Efficiency (DOGE) from January to May under the Trump administration. Although the nomenclature led many to believe that this department would integrate Dogecoin payments, no such developments occurred.

Although both are prominent political and business figures supporting cryptocurrency, Trump's 'Big, Beautiful Bill' has frustrated Musk to the point that he openly expressed dissatisfaction with the two-party system in the U.S. and stated that the country needs a new political party, which he has formed.

Cryptocurrency Community Members Support Musk

The cryptocurrency community quickly reacted to the latest developments. A prominent Dogecoin group member, known as DogeDesigner or @cb_doge on X, confirmed the news and supported Musk's political campaign.

Cryptocurrency advocate attorney John Deaton, who challenged Elizabeth Warren (D-MA) as the Republican candidate in the 2024 election, supported Musk's party announcement on July 5.

Deaton also posted a short video of his debate with Warren, in which he criticized the two-party system:

"We're all terrible in Congress... It's a system that is broken. I'm breaking that system."

Although Deaton lost the election to Warren, he still supports Musk's political challenge in the U.S.

The total market capitalization of cryptocurrency reached $3.36 trillion at the time of writing.

TheStreet Roundtable has contacted the FEC for comment on the matter and has yet to receive a response. We will update the story if and when the committee responds.

'America Party' of Elon Musk is said to have registered with the Election Commission first reported by TheStreet on July 6, 2025.