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Industry leaders display varied views on D.O.G.E. Dogecoin has posted double-digit gains over the past week. Not even a week since its introduction, the Department of Government Efficiency [D.O.G.E] has become a focal point of debate. AMBCrypto previously reported that President-elect Donald Trump appointed Tesla CEO Elon Musk and entrepreneur Vivek Ramaswamy to spearhead the initiative. Now, in a new development, Coinbase CEO Brian Armstrong expressed his strong support for D.O.G.E, adding to the growing chorus of endorsements from industry leaders. Armstrong’s vision for a leaner government In a post on X [formerly Twitter], Armstrong described D.O.G.E as, “A once in a lifetime opportunity to increase economic freedom in the U.S. and cut the size of government back to health.” Expanding on his vision, the exec proposed mechanisms to ensure sustainable government spending, including a constitutional amendment capping government expenditure at 10% or aligning incentives to curb overspending.  Armstrong also advocated for innovative solutions like a U.S. sovereign wealth fund, wherein citizens own shares and receive dividends from budget surpluses.  Such a system, he argued, would give citizens and lawmakers a personal stake in financial prudence, ensuring the economy stays robust over time. Schiff: Not a fan of D.O.G.E However, the establishment of D.O.G.E has not been without its detractors. Chief Economist and Global Strategist at Europac, Peter Schiff, voiced skepticism on X, asserting,  “DOGE is not a real department. It exists outside of government and has no authority to do anything.” Schiff dismissed the initiative as akin to existing independent think tanks, suggesting that its recommendations might lack legislative backing. He emphasized that even if the Trump administration endorsed D.O.G.E’s proposals, Congress would ultimately need to pass them—an unlikely scenario in his view. Schiff also raised broader concerns about the efficacy and intent of Trump’s initiative, drawing comparisons to…

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Filed under: News - @ November 18, 2024 12:24 pm