The post Crypto Leaders Praise Elon Musk-led D.O.G.E Initiative appeared on BitcoinEthereumNews.com.

Key figures in the crypto industry, including Coinbase CEO Brian Armstrong and Gemini co-founder Cameron Winklevoss, have expressed strong support for the newly established Department of Government Efficiency (D.O.G.E). This initiative, announced under President Donald Trump, aims to reshape the US economy by tackling bureaucratic inefficiencies. Elon Musk and Vivek Ramaswamy lead the department. Crypto Leaders Welcome D.O.G.E Initiative to Streamline US Governance On November 17, Coinbase CEO Brian Armstrong highlighted the transformative potential of D.O.G.E. He described it as a unique opportunity to enhance economic freedom in the United States while reducing government size. “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 wrote. So, Armstrong suggested constitutional amendments to ensure the lasting impact of D.O.G.E. He proposed measures like capping total government spending at 10% of GDP or aligning incentives to promote fiscal discipline. Armstrong referenced Warren Buffett’s idea of disqualifying legislators who vote for unbalanced budgets from reelection. The Coinbase CEO also acknowledged the need for flexibility during crises, such as wars, while emphasizing long-term controls to prevent runaway spending. Armstrong further proposed the creation of a sovereign wealth fund, where every citizen would hold a share. This, he argued, could enhance fiscal accountability and public engagement in financial decision-making. Similarly, Gemini co-founder Cameron Winklevoss expressed his own optimism about D.O.G.E, emphasizing its potential to address inflation and financial inequality. He described inflation as a “hidden tax” that disproportionately impacts lower-income households. Winklevoss believes that by targeting inefficiency and waste, D.O.G.E can play a crucial role in reducing inflation and easing economic pressure on vulnerable communities. He stressed that such reforms are essential to ensure a more equitable financial system. “The importance of DOGE goes…

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Filed under: News - @ November 17, 2024 10:22 pm