Menu

Search

  |   Digital Currency

Menu

  |   Digital Currency

Search

Coinbase CEO Armstrong's Game-Changing Proposal to Musk’s D.O.G.E.: Sovereign Wealth and Spending Caps

Brian Armstrong presents visionary fiscal ideas to Musk’s D.O.G.E., impacting crypto discourse. Credit: TechCrunch/Flickr(CC BY 4.0)

Brian Armstrong, CEO of Coinbase, has challenged Elon Musk's D.O.G.E. commission with a game-changing proposal: implement a government spending cap and establish a U.S. sovereign wealth fund distributing dividends to citizens. His visionary ideas aim to enhance fiscal responsibility and have stirred excitement in cryptocurrency circles.

Armstrong Proposes Spending Reforms to Reshape Fiscal Policy

Within the recently established presidential advisory panel known as the Department of Government Efficiency (D.O.G.E.), which is managed by Elon Musk and Vivek Ramaswamy, Coinbase CEO Brian Armstrong has put forward a notion that makes one think deeply about the topic at hand.

The plan, which was announced as part of an effort to reduce the national deficit by $2 trillion by July 4, 2026, streamline government operations, and cut federal spending, continues to be a topic of intense interest in the mass media, U.Today reports.

Advocating a GDP-Based Spending Cap

As a result, Armstrong proposed that the Department of Defense may be an excellent opportunity to alter the manner in which the government spends money while also making it simpler for businesses to expand.

In particular, he argued for structural reforms that can restrict the amount of money that the government spends and proposed an amendment to the constitution that would limit the overall amount that the government spends to a predetermined proportion of GDP, possibly at around 10%.

Another one of Armstrong's ideas was to use innovative approaches to the management of the nation's finances in order to make the expenditures of the government more responsible.

Introducing a U.S. Sovereign Wealth Fund

A sovereign wealth fund of the United States is one example. In this way, every citizen would receive a portion of the money and any surplus funds from the budget would be distributed as dividends.

It was Armstrong's contention that this would force individuals and legislators to give greater consideration to the manner in which the government spends money.

Incentivizing Lawmakers for Long-Term Economic Growth

In addition, he proposed the idea of providing lawmakers with larger stakes in order to incentivize them to promote economic growth over the long term.

When Armstrong made his remarks, the price of the meme coin, which is synonymous with the term "meme," had just increased by 12.22%, and its market cap had reached $427 million.

The overlap between the project's branding and the passion of the bitcoin community contributed to an increase in the project's visibility.

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.