Musk-Led DOGE Wins Support of Coinbase CEO, Gemini Founder

Donald Trump's new Department of Government Efficiency (DOGE), led by Tesla CEO, Elon Musk, and former Republican presidential candidate Vivek Ramaswamy, has earned the support of 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, which currently stands at $6.5 trillion. Its ultimate goal is to offer more government transparency and support entrepreneurship.

“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.

Describing DOGE as a "once in a lifetime opportunity" to increase "economic freedom," Armstrong praised the initiative on X.

"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 went on to suggest 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)."

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

"The importance of DOGE goes well beyond reigning in absurd government spending," he wrote on X. "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 taking office in January, the crypto industry has already expressed excitement for his new wave of regulatory clarity. XRP alone has surged over 100% this month to $1.20, with futures interest at an all-time high, fuelled by regulatory optimism.

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

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