Brian Armstrong Supports New Department of Government Efficiency (DOGE)

Brian Armstrong Backs New Department of Government Efficiency (DOGE)

Brian Armstrong, the CEO of Coinbase, has publicly expressed his support for the newly formed Department of Government Efficiency (DOGE), which will be led by notable figures Elon Musk and Vivek Ramaswamy. This department has been created by US President-elect Donald Trump with the aim of streamlining federal spending and dismantling unnecessary regulations. Many view this initiative as a pivotal move towards enhancing economic freedom and restructuring government operations. The abbreviation DOGE, while reminiscent of the popular meme coin Dogecoin, has also made waves in the cryptocurrency market due to its association with this new governmental body. Armstrong sees this development as a crucial opportunity to influence the future trajectory of the nation’s economy.

Trump’s Proposal for Musk’s Cabinet Role

On August 20, US President-elect Donald Trump revealed his intention to consider Elon Musk for a role in his Cabinet or an advisory position beginning in January 2025. However, Trump did not specify which department Musk would oversee at that time. On November 13, Trump officially announced that Musk and Ramaswamy would head the new agency aimed at enhancing governmental efficiency through significant budget reductions and regulatory reforms. The DOGE initiative is designed to eliminate superfluous regulations, curb wasteful expenditures, and reorganize federal agencies. In this context, Armstrong views the establishment of this new agency as a unique chance to boost economic freedom across the United States.

On November 17, Armstrong took to social media platform X to share his insights on the newly formed department, stating that it provides an opportunity to enhance economic freedom and revamp the structure of government in the US. He remarked:

The founding fathers were geniuses, but (in modesty) they may not have foreseen the perverse incentives that lead to democratic government over time (like winning elections by promising more free stuff).

Armstrong’s Suggestions for Economic Reform

In light of these changes, Armstrong proposed several measures aimed at addressing these systemic issues for the future. He suggested that the country should consider amending its constitution to place a cap on total government spending, recommending a limit of 10%. Furthermore, he emphasized the importance of creating appropriate incentives regarding government expenditures to prevent them from spiraling out of control over time. Another innovative idea he raised was the establishment of a sovereign wealth fund, wherein every US citizen would hold a stake. Under this framework, any budget surpluses could be distributed to citizens as dividends. Armstrong stated:

Every citizen would have a say in the game. Maybe Congress would get a little bit more of a share.

The Impact of DOGE on Dogecoin

While the name of the new government department coincidentally aligns with the symbol of Dogecoin (DOGE), it is important to clarify that there is no direct connection between the two. Nevertheless, the announcement of the DOGE initiative resulted in a notable surge in Dogecoin’s performance following the US elections. Just one day after Musk’s announcement regarding the agency, Dogecoin reached its peak for the year at $0.39 before experiencing a slight correction. Musk has faced accusations in the past for allegedly manipulating Dogecoin prices in 2022; however, he recently emerged victorious in the related legal case.

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