Donald Trump's New Department of Government Efficiency (DOGE) Earns Support From Coinbase CEO, Brian Armstrong, and Gemini Co-Founder, Cameron Winklevoss

The agency's main goals involve streamlining government operations by removing redundant structures, cutting down on excessive spending, restructuring agencies, and eliminating areas of waste and fraud within the federal budget.

Coinbase CEO Brian Armstrong and Gemini co-founder Cameron Winklevoss have voiced their support for Donald Trump's new Department of Government Efficiency (DOGE), an agency tasked with streamlining government operations and cutting waste.

The agency, to be led by Tesla CEO Elon Musk and former Republican presidential candidate Vivek Ramaswamy, will aim to identify and eliminate redundant structures, excessive spending, and areas of waste and fraud within the federal budget, which currently stands at $6.5 trillion.

“Together, these two wonderful Americans will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies,” Trump said in a statement.

Armstrong praised the initiative on Twitter, describing it as a "once in a lifetime opportunity" to increase "economic freedom" in the U.S.

"The founding fathers were geniuses but (with humility) may have missed the adverse incentives which grow the size of democratic government over time (winning elections by promising more free stuff)," he added.

Armstrong suggested capping government expenditure at 10% and referenced Warren Buffet who "famously suggested an unbalanced budget makes all members of Congress who vote for it ineligible for reelection)."

Cameron Winklevoss, whose brother Tyler was notably critical of the Fed's so-called Operation Choke Point 2.0, also expressed his support, highlighting DOGE's potential to address inflation and economic inequality.

"The importance of DOGE goes well beyond reigning in absurd government spending," he wrote on Twitter. "It will lead to a decline in inflation which is a silent tax on all Americans that confiscates wealth and is also regressive, impacting low-income folks the most."

With Trump set to take office in January, the crypto industry has already expressed enthusiasm for his new wave of regulatory clarity. XRP, for instance, has surged over 100% this month to $1.20, with futures interest at an all-time high, largely due to optimism over upcoming regulatory developments.

Last week, Republican Attorneys General from 18 US states filed a joint lawsuit against the Securities and Exchange Commission (SEC), its commissioners, and Chair Gary Gensler over the regulator's handling of crypto.

The lawsuit alleges that the SEC has overstepped its constitutional authority by pursuing aggressive regulatory actions against the crypto industry.