Coinbase CEO Brian Armstrong has described President-elect Donald Trump’s new Department of Government Efficiency (DOGE) as a once-in-a-lifetime opportunity that could help boost economic freedom in the United States.
In a November 17 post on X, Armstrong highlighted the new agency’s potential to streamline government operations and reduce inefficiency. He argued that even a 10% reduction in federal spending relative to the gross domestic product (GDP) could have profound economic benefits. Armstrong noted that federal spending has more than doubled in recent years, emphasizing the need for systemic reform.
Armstrong proposed bold measures to ensure fiscal discipline, including a constitutional amendment to cap government spending. He suggested disqualifying Congress members who approve unbalanced budgets from re-election, saying such measures are crucial for fostering long-term financial accountability.
Additionally, Armstrong floated the idea of establishing a U.S. sovereign wealth fund that would allow citizens to contribute and hold shares. Budget surpluses generated by the fund, he said, could be distributed as dividends to participants, providing a direct financial benefit to Americans.
Trump officially announced the formation of DOGE on November 13, appointing Elon Musk as the agency’s head alongside entrepreneur and Republican politician Vivek Ramaswamy. The department, whose name plays on Dogecoin’s ticker, will focus on cutting wasteful spending, restructuring federal agencies, and eliminating unnecessary regulations.
Trump stated that the agency would shake up the system and potentially become “The Manhattan Project” of its time.
Meanwhile, the CEO had expressed optimism about Trump’s re-election, noting that the president-elect’s openness to digital assets and financial innovation could foster a more favourable federal stance toward cryptocurrency. He also celebrated significant pro-crypto election victories in the recent U.S. elections. He emphasized that the next focus for the industry should be advocating for sensible regulations, ensuring consumer protection, and building resilience against emerging challenges.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
