Coinbase CEO Brian Armstrong Supports the Establishment of the Department of Government Efficiency (D.O.G.E.) Led by Elon Musk and Vivek Ramaswamy

Quoted from Crypto News Flash, Armstrong stated that one of the fundamental weaknesses in the democratic system is the government's tendency to continue to enlarge the budget for electoral purposes.

Coinbase CEO Praises Elon Musk, Vivek Ramaswamy's 'Department of Government Efficiency' Effort, Indirectly Boosting Dogecoin (DOGE) Head of the major cryptocurrency exchange, Coinbase, has voiced his support for the recent establishment of the Department of Government Efficiency (D.O.G.E.), a project spearheaded by Elon Musk and Vivek Ramaswamy. While the agency is not directly linked to Dogecoin (DOGE), its name has garnered significant attention for the meme coin within the crypto market.

According to Crypto News Flash, Armstrong highlighted a fundamental weakness in the democratic system, where the government tends to inflate its budget for electoral purposes. He pointed out that the current setup creates negative incentives for lawmakers to increase spending in order to promise greater benefits to voters.

To rectify this issue, Armstrong advocates for structural changes, such as constitutional amendments that would limit government spending to 10% of Gross Domestic Product (GDP). If enacted, this rule would compel lawmakers to prioritize efficiency and cut expenses that are not essential.

Moreover, Armstrong expresses support for Warren Buffet’s proposal to bar members of Congress who support unbalanced budgets from seeking re-election. These measures, he believes, will instill fiscal discipline and align government incentives with the long-term needs of the people.

In addition to emphasizing spending efficiency, Armstrong proposes the creation of a Sovereign Wealth Fund. Under this scheme, each citizen would hold shares in the fund, which would distribute profits from government budget surpluses. The aim is to directly involve the people in managing state finances and fostering transparency.

However, Armstrong acknowledges the need for flexibility in certain scenarios, such as wartime or major crises, where a temporary increase in government spending may be unavoidable. As such, the system should accommodate urgent needs without compromising long-term fiscal accountability.

Interestingly, announcements pertaining to D.O.G.E. have indirectly provided a boost to Dogecoin. Despite the lack of an official connection between DOGE and the agency, the similarity in names has sparked interest in the meme coin within the crypto market. Trading at around US$0.3645 (Rp5,777) at the time of writing, Dogecoin has seen a 60.50% surge over the last seven days.