Custodia Bank CEO Calls for Quick DOGE Reforms Amid Musks Budget Proposal
- Citlin Long clls for urgnt rforms in th proposd Dprtmnt of Govrnmnt Efficincy (DOGE) mid rgultory chllngs.
- Long wrns tht drstic budgt cuts could triggr conomic dprssion, urging focus on gross output instd of GDP.
- Dogcoins pric surgd 7% ftr Musks proposl, idd by bullish goldn cross pttrn in tchnicl nlysis.
Elon Musks rcnt proposl to slsh t lst $2 trillion from th U.S. fdrl budgt hs grnrd significnt ttntion, including from th cryptocurrncy industry. Citlin Long, CEO of Custodi Bnk, finncil institution focusd on srving crypto businsss, took to socil mdi on Octobr 28th to shr hr thoughts on th proposd Dprtmnt of Govrnmnt Efficincy (DOGE).
Urgent Reforms Needed for DOGEs Future
Long xprssd optimism bout DOGEs potntil but mphsizd th nd for swift ction. Th rgultory bus hs bn stggring, sh sttd, highlighting th burdn plcd on businsss lik Custodi by xcssiv rgultions. Rcognizing th upcoming 2026 US Snt lctions nd th potntil for Dmocrtic mjority, Long urgd th DOGE tm to mov fst to stblish lsting rforms tht wouldnt b sily rvrsd by futur dministrtions.
Howvr, Long lso cutiond bout potntil downsid of ggrssiv spnding cuts conomic dprssion. Th U.S. govrnmnts spnding currntly ccounts for significnt portion of th GDP (Gross Domstic Product), nd shrp rduction could ld to slowdown. Long rgus tht th currnt focus on GDP growth s primry conomic mtric is flwd.
Its th wrong msur & thyll nd to xplin why, Long ssrtd. Sh proposs shift towrds msuring gross output, which incorports businss-to-businss (B2B) or supply chin spnding, offring mor comprhnsiv pictur of conomic ctivity.
Cutting govt spnding will by dfn cut GDP, Long cknowldgd, but MORE IMPORTANTLY s cpitl & jobs r rdployd to th privt sctor, B2B ctivity will grow & thts whr th rl growth is!
Dogecoin Responds Positively
Th rcnt dvlopmnts surrounding Musk nd DOGE hv coincidd with positiv pric movmnt for Dogecoin. Th cryptocurrncy hs surgd by pproximtly 7% in th lst 24 hours, rching $0.145 on Octobr 28th. This ris is prt of lrgr 14.65% rbound following th formtion of goldn cross on its dily chrt.
Tchnicl nlysts considr th goldn cross bullish signl, indicting potntil shift in momntum from downtrnd to n uptrnd. Dogcoins 50-dy moving vrg (EMA) crossd bov its 200-dy EMA on Octobr 25th, forming this bullish pttrn.
Th bility of Dogecoin to hold bov its currnt support lvl of $0.141, which srvd s ky rsistnc in July, will b crucil in dtrmining its futur pric dirction. If th support holds, trdrs might s furthr climb towrds th $0.156 nd $0.171 rsistnc lvls in Novmbr. Convrsly, drop blow $0.141 could ld to dclin towrds th scnding trndlin support round $0.122.
Related Readings | Dogecoins Hidden Bullish Signals: Is a 400% Surge Possible?
Read more: https://www.tronweekly.com/custodia-bank-ceo-calls-for-quick-doge-reforms/
Text source: TronWeekly
