Coinbase CEO Advocates for U.S. Government Efficiency and Reduction

Brian Armstrong, the head of cryptocurrency exchange Coinbase, has endorsed the creation of the U.S. Department of Government Efficiency (DOGE) and called for a reduction in the size of the government.

. @DOGE is a once in a lifetime opportunity to increase economic freedom in the U.S. and cut the size of government back to health.

The founding fathers were geniuses but (with humility) may have missed the adverse incentives which grow the size of democratic government over…

— Brian Armstrong (@brian_armstrong) November 17, 2024

“DOGE is a unique opportunity to enhance economic freedom in the U.S. and reduce the size of government back to health. The founding fathers were geniuses, but perhaps missed the adverse incentives that increase the size of democratic government over time (winning elections by promising more free stuff),” he wrote.

Armstrong suggested the possibility of a constitutional amendment to limit government spending to 10%, or a way to align incentives. He cited billionaire Warren Buffett’s assertion that U.S. Congress members who vote for an unbalanced budget should be denied re-election.

“Ideally, you have the ability to temporarily increase spending (say, in wartime), but still have the right incentives to prevent spending from getting out of control in the long term. An example could be a U.S. sovereign wealth fund,” proposed the Coinbase CEO.

In Armstrong’s proposal, every American would receive a share, which they could increase if desired. Any budget surplus would be converted into dividends for participants in such a fund.

Earlier reports revealed that DOGE will be led by billionaire Elon Musk and former U.S. presidential candidate Vivek Ramaswamy. The department’s task will be to reform the government to reduce administrative costs and combat bureaucracy.

DOGE will employ an “entrepreneurial approach” and offer a fresh perspective on the functioning of the U.S. government. To achieve this, some government structures will be abolished, and others will have their staff reduced. The necessary reforms are promised to be completed by July 4, 2026, marking the 250th anniversary of the U.S. Declaration of Independence.