The Coinbase CEO made his remarks following reports that the Elon Musk-led DOGE has saved the government nearly $37 billion in excessive spending.
Coinbase CEO’s Recommendation to Reduce Wasteful Spending
Brian Neil Armstrong, the CEO of Coinbase, has suggested the need for the US government to embrace on-chain spending. According to him, this blockchain-based strategy would increase public finances’ accountability and transparency.
The Coinbase CEO’s remarks followed reports that Elon Musk’s Department of Government Efficiency (DOGE) had saved the Trump administration $36.7 billion in wasteful spending. Armstrong explained that tracking every dollar the government spends through an open blockchain is known as on-chain spending.
This approach would make it more challenging to waste or misuse money since taxpayers could see precisely the purpose of the funds. Armstrong also believes this approach can completely transform public financing, similar to how blockchain technology changed traditional banking.
He also commended Musk’s DOGE effort for its success. Due to Musk’s cost-cutting initiatives, conversations over the importance of blockchain in public funding have heated up.
Coinbase Reaches a Significant Milestone
Although blockchain-based governance is becoming more popular, the US government has not yet considered significant regulatory reforms in this area. However, Armstrong’s advocacy for on-chain openness may lead to more in-depth conversations on blockchain’s role in public finance over the long term, especially as the use of cryptocurrencies increases.
Also read:According to Armstrong, Coinbase is worth more than the 21st largest bank in the United States, with approximately $420 billion in assets under management. If Coinbase were a bank, it would rank as the 21st largest bank in the United States in terms of total assets. Armstrong wrote on X that the crypto company would rank eighth in AUM.
XRP Trading Volume Soars 9,640% on Coinbase
Meanwhile, XRP’s trading volume on Coinbase has soared significantly, rising by 9,640% within the last day. As traders scrambled to profit from recent market swings, XRP’s trading volume on the exchange hit $438 million, according to data from CoinGlass, an on-chain analytics platform.
As speculation about XRP’s potential price trajectory grows, this spike in trading volume indicates increased interest in the cryptocurrency. Market observers say a combination of institutional activity, traders’ strategic repositioning, and responses to more general macroeconomic events frequently causes an unusual volume spike.
Another factor is the potential launch of XRP depositary receipts (DRs). According to sources familiar with the matter, this investment product could become available over the next few months.
This financial instrument exposes investors to XRP without requiring them to buy the asset directly via a cryptocurrency exchange. It operates similarly to American depositary receipts.
XRP DRs will be held by Anchorage, a federally registered bank by the US Office of the Comptroller of the Currency, as a controlled, legal method for traditional investors to access the cryptocurrency market. In this way, XRP would be progressively accepted in institutional portfolios, serving as a link between TradFi and DeFi.
Despite the massive trading volume, XRP’s price action is still volatile. After an early surge due to positive expectations regarding the US job statistics, the broader cryptocurrency market has experienced a sharp decline.
Binance and SEC To Go On 60-Day Legal Pause
In a related development, Binance and the US Securities and Exchange Commission have jointly filed a motion to cease their legal action for sixty days. The pause will save them resources while both parties investigate possible settlement possibilities in the US District Court for the District of Columbia.
A joint status update, including progress updates, will be available during the break. The outcome of the lawsuit may also be significantly impacted by the SEC’s recent creation of a crypto task force headed by Hester Peirce.
The SEC and Binance Case Pause Could Change the Nature of Legal Battles
Experts note that the current legal delay around Binance could significantly affect the cryptocurrency sector and other businesses that are the subject of SEC enforcement actions. Firms like Ripple, Coinbase, and Kraken—especially those with non-fraud allegations—could use similar tactics in their legal battles with the SEC.
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