Coinbase CEO Brian Armstrong Pitches Ideas to Elon Musk-Led Presidential Advisory Commission (D.O.G.E.)

Coinbase CEO Brian Armstrong has proposed a thought-provoking idea for the newly formed presidential advisory commission, the Department of Government Efficiency (D.O.G.E.), led by Elon Musk and Vivek Ramaswamy.

Coinbase CEO Brian Armstrong has shared his thoughts on the newly formed presidential advisory commission, the Department of Government Efficiency (D.O.G.E.), which is being led by Elon Musk and Vivek Ramaswamy.

The initiative, which is part of an effort to cut federal spending, streamline government operations and reduce the national deficit by $2 trillion by July 4, 2024, has been a hot topic in the mass media.

Armstrong suggested that D.O.G.E. could be a great chance to change how the government spends money while making it easier for businesses to grow.

In particular, he advocated structural reforms that limit how much the government can spend and suggested a constitutional amendment to cap total government spending at a fixed percentage of GDP, around 10% perhaps.

Another idea by Armstrong was to make government spending more accountable by using new ways to manage the country's money.

One example is a U.S. sovereign wealth fund. This would give every citizen a share, with extra money from the budget shared out as dividends. Armstrong said that this would make people and lawmakers think more carefully about how the government spends money. He also suggested offering bigger stakes to lawmakers to encourage them to support long-term economic growth.

Armstrong's comments came just as the price of the synonymous meme coin rose 12.22% with its market cap reaching $427 million. The project's visibility was boosted by the overlap between its branding and the enthusiasm of the cryptocurrency community.