Coinbase CEO Brian Armstrong Thinks the New 'DOGE' Government Agency Is an Opportunity to Increase Economic Freedom

Coinbase CEO Brian Armstrong expressed positive sentiments for the newly created Department of Government Efficiency (DOGE), which billionaire Elon Musk and Vivek Ramaswamy will head.

Coinbase CEO Praises New Gov't Department 'DOGE' for Potential to Boost Economic Freedom

Coinbase CEO Brian Armstrong voiced optimism for the newly established Department of Government Efficiency (DOGE), which will be led by billionaire Elon Musk and Vivek Ramaswamy.

On Aug. 20, President-elect Donald Trump hinted at the possibility of appointing Musk to his Cabinet or advisory role starting in January 2025. However, at the time, Trump did not specify which department the Tesla CEO would be placed in.

On Nov. 13, Trump appointed Musk and Ramaswamy to lead a new government agency tasked with boosting efficiency by cutting federal spending and regulations. The DOGE will slash unnecessary regulations, reduce wasteful expenses and restructure federal agencies.

Meanwhile, Armstrong sees the new government agency as an opportunity for the country to enhance its economic freedom.

Coinbase CEO sees 'DOGE' as avenue for greater economic freedom

On Nov. 17, the Coinbase executive took to X, posting that the new department could be an opportunity to “increase economic freedom” in the U.S. and get the government “back on track.” Armstrong wrote:

Advertisement

Experience the magic of WAGMI Miami on Jan. 21-24 – The Biggest Blockchain Event in America – Get your tickets now!

The Coinbase CEO suggested that to future proof this issue, the country may need to amend its constitution to limit the total government expenditure, suggesting 10% as a possible figure. The exec also said that the government needs to have the right incentives for spending so that it does not “get totally out of control” in the long term.

The exec also brought up the idea of having a sovereign wealth fund in the U.S., where every single citizen will have a share. In turn, budget surpluses would provide dividends to the shareholders. “Every citizen then has skin in the game. Maybe Congress gets a slightly larger stake,” Armstrong added.

Related: Election delivers big win for crypto, economic freedom — Coinbase CEO

Dogecoin price surged following presidential elections

While the government department does share a similar acronym with Dogecoin (DOGE) ticker, the department is not affiliated with the memecoin.

That said, the Dogecoin token did see some gains following the U.S. elections and the creation of a government agency with a similar name. A day after Musk posted about the government agency, Dogecoin reached a yearly high of $0.39 before seeing a slight correction.

Year-to-date price chart of Dogecoin. Source: CoinGecko

Musk was notably accused of manipulating Dogecoin prices in 2022 but recently beat the lawsuit.

Magazine: Legal issues surround the FBI’s creation of fake crypto tokens

Explore more articles like this

Subscribe to the Law Decoded newsletter

Arm yourself with the latest on crypto laws and guidelines to make smart choices for your crypto ventures. Delivered every Monday

By subscribing, you agree to our Terms of Services and Privacy Policy