Key figures in the cryptocurrency 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).
Announced under President Donald Trump, this plan aims to reshape the U.S. economy by addressing bureaucratic inefficiencies. The department is led by Elon Musk and Vivek Ramaswamy.
On November 17, Coinbase CEO Brian Armstrong highlighted the transformative potential of D.O.G.E. He described it as a unique opportunity to promote economic freedom in the U.S. and reduce the size of the government.
"The Founding Fathers were geniuses, but (humbly) may have missed the negative incentive to grow the size of democratic government over time (win elections by promising more free stuff)," he wrote.
Therefore, Armstrong proposed constitutional amendments to ensure the continued impact of D.O.G.E. He suggested measures such as limiting government spending to 10% of GDP or adjusting incentives to promote fiscal discipline, citing Warren Buffett's idea of excluding legislators who vote for balanced budgets from re-election.
While acknowledging the need for flexibility during crises like war, the Coinbase CEO emphasized long-term controls to prevent runaway spending. Armstrong further proposed creating a sovereign wealth that all citizens can own, arguing that this could strengthen fiscal accountability and increase public participation in financial decisions.
Similarly, Gemini co-founder Cameron Winklevoss expressed his optimistic view of D.O.G.E, highlighting its potential to address inflation and fiscal inequality. He described inflation as a "hidden tax" that disproportionately impacts low-income households.
Winklevoss believes that D.O.G.E can play a crucial role in reducing inflation and alleviating economic pressure on vulnerable communities by targeting inefficiencies and waste. He emphasized that these reforms are essential to ensuring a more equitable financial system.
"The importance of DOGE goes beyond just curbing outrageous government spending. It leads to a reduction in inflation, which is a silent tax that robs wealth from all Americans and hits the poor the hardest," Winklevoss wrote.
Meanwhile, another industry leader, Ripple's Chief Legal Officer Stuart Alderoty, suggested the department's focus. According to him, DOGE should investigate spending inefficiencies within the Securities and Exchange Commission (SEC), particularly the taxpayer money used for the public video series involving SEC Chair Gary Gensler.
"Could you please provide estimates of those costs?," Alderoty asked.
