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Key figures in the cryptocurrency industry, including Coinbase CEO Brian Armstrong and Gemini co-founder Cameron Winklevoss, have expressed strong support for the newly created Department of Government Effectiveness (DOGE). .
The initiative, announced under President Donald Trump, aims to reshape the US economy by tackling bureaucratic inefficiencies. Elon Musk and Vivek Ramaswamy are the heads of this ministry.
Cryptocurrency Leaders Welcome DOGE Initiative to Streamline US Administration
On November 17, Coinbase CEO Brian Armstrong highlighted the transformational potential of DOGE. He described it as a unique opportunity to increase economic freedom in the United States while shrinking the size of government. .
“The Founding Fathers were geniuses but (with humility) could have ignored unfavorable incentives to increase the size of democratic government over time (winning elections by promising more free stuff),” Mr wrote.
So Armstrong proposed constitutional amendments to ensure the long-term impact of DOGE. He proposed measures such as capping total government spending at 10% of GDP or positioning incentives to promote record-keeping. fiscal law. Armstrong referenced Warren Buffett’s idea of excluding lawmakers who voted for unbalanced budgets from reelection.
Coinbase’s CEO also acknowledged the need for flexibility during times of crisis, such as war, while emphasizing long-term controls to prevent excess spending. Armstrong also proposed creating a sovereign wealth fund, of which each citizen would keep a portion. This, he argues, could increase financial responsibility and public participation in financial decisions.
Similarly, Gemini co-founder Cameron Winklevoss expressed his optimism about DOGE, emphasizing its potential to address inflation and financial inequality. He describes inflation as a “hidden tax” that disproportionately affects low-income households.
Winklevoss believes that by targeting inefficiency and waste, DOGE can play an important role in reducing inflation and reducing economic pressure on vulnerable communities. He emphasized that such reforms are needed to ensure a fairer financial system.
“The importance of DOGE goes beyond controlling unreasonable government spending. It would lead to disinflation, a silent tax on all Americans that confiscates assets and is also backward, affecting the lowest earners,” Winklevoss wrote.
Meanwhile, another industry leader, Ripple’s Chief Legal Officer, Stuart Alderoty, has suggested an area of focus for the department. According to him, DOGE should investigate spending inefficiencies at the US Securities and Exchange Commission (SEC). He specifically questioned the use of taxpayer dollars for some of the SEC’s initiatives, such as the public video series involving SEC Chairman Gary Gensler.
“Can you please provide an estimate of how much taxpayer money has been wasted on these things?,” Alderoty questioned.
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