Crypto Leaders Praise Elon Musk-led D.O.G.E Initiative
Key figures in the crypto industry, including Coinbase CEO Brian Armstrong and Gemini co-founder Cameron Winklevoss, have expressed strong support for the newly formed Department of Government Efficiency (DOGE).
The initiative, announced under President Donald Trump, aims to reshape the U.S. economy by addressing bureaucratic inefficiencies. Elon Musk and Vivek Ramaswamy lead the unit.
Cryptocurrency leaders welcome DOGE’s initiative to simplify U.S. governance
November 17, Coinbase CEO Brian Armstrong highlighted The transformative potential of DOGE. He described it as a unique opportunity to increase U.S. economic freedom while shrinking the size of government.
“The Founding Fathers were geniuses but (modestly) may have missed the perverse incentives to expand the size of democratic government over time (by promising more free stuff to win elections),” he Wrote.
Therefore, Armstrong recommended amending the Constitution to ensure its lasting impact dog He proposed measures such as limiting total government spending to 10% of GDP or adjusting incentives to promote fiscal discipline. Armstrong mentioned Warren Buffett’s idea of disqualifying lawmakers who vote for unbalanced budgets from re-election.
The Coinbase CEO also acknowledged the need to remain flexible during crises such as war, while emphasizing long-term controls to prevent spending from spiraling out of control. Armstrong further proposed the creation of a sovereign wealth fund in which every citizen would hold a stake. He believes this can enhance fiscal accountability and public participation in financial decision-making.
Similarly, Gemini co-founder Cameron Winklevoss Expressed his optimism about DOGE, emphasizing its potential to solve problems inflation and financial inequality. he described inflation As a “hidden tax”, the impact on low-income families is particularly serious.
Winklevoss believes that by addressing inefficiencies and waste, DOGE can play a key role in reducing inflation and easing economic stress in disadvantaged communities. He stressed that such reforms are crucial to ensuring a fairer financial system.
“The importance of DOGE goes far beyond reining in ridiculous government spending. It will lead to lower inflation, is a silent tax on all Americans, confiscates wealth, and is regressive, affecting low-income people the most ,” Winklevoss Wrote.
Meanwhile, Stuart Alderoty, chief legal officer of Ripple, another industry leader, laid out key areas of focus for the department. He said DOGE should look into spending inefficiencies within the government. Securities and Exchange Commission (SEC). He specifically questioned the use of taxpayer dollars by some SEC initiatives, such as those involving the public video series SEC Chairman Gary Gensler.
“Can you give us an estimate of how much taxpayer money is being wasted on these?” Alderotti question.
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