Senator Elizabeth Warren outlines $2 trillion DOGE savings while raising alarms over Trump memecoins

US lawmaker Senator Elizabeth Warren has intensified her advocacy for responsible government spending and stricter crypto regulations.

The senator outlined her vision for efficient federal operations in two separate letters and raised concerns over crypto-related ethical dilemmas.

DOGE recommendations

On Jan. 23, Warren wrote to Elon Musk , the head of the Department of Government Efficiency (DOGE) , outlining 30 strategies to save $2 trillion in federal spending over the next decade.

Her recommendations aim to safeguard critical programs like Medicare and Social Security while reducing wasteful expenditures.

According to her:

“It would be outrageous to cut these programs in the name of government thriftiness while handing out trillions of dollars in tax cuts for billionaires and big corporations.”

Warren’s proposals include closing tax loopholes that benefit the wealthy, such as the carried interest provision. She also suggested taxing estates’ capital gains and fully funding the IRS to crack down on tax evasion.

According to her, these measures would ensure fairer tax collection and provide better service to taxpayers. She wrote:

“Fully funding the IRS would meet DOGE’s goals of making government more efficient and protecting taxpayers: it would allow the government to catch wealthy tax cheats that avoid paying their fair share and provide better service for millions of taxpayers that are owed refunds or need help with their taxes. Fully funding the IRS would lead to a 12:1 return on investment.”

The Democrat also emphasized that reforms in healthcare pricing, particularly allowing Medicare to negotiate drug prices and reducing inefficiencies in defense contracts, could yield significant savings.

She argued that cutting federal waste and tackling monopolistic practices in government contracts could protect small businesses and reduce consumer costs. These steps, she said, would help maintain essential public services without compromising the country’s fiscal health.

Warren concluded:

“If you are serious about finding ways to make the federal government more efficient and save money for American taxpayers—without cutting key programs like Medicare, Medicaid, and Social Security, or raising taxes on middle class families—there are ample opportunities for you
to do so. This letter provides you with 30 recommendations that would save at least $2 trillion.”

Concerns over Trump-themed coins

In a separate Jan. 22 letter to several regulatory heads, including the Acting SEC Chair, Treasury Secretary, and CFTC Chair, Senator Warren urged the US financial regulators to investigate the ethical and legal concerns surrounding crypto meme tokens linked to President Donald and Melania Trump.

Warren expressed alarm over the launch of the Trump-themed memecoins — TRUMP and MELANIA— which she believes could enrich the president at the expense of the public.

The lawmaker described these tokens as volatile assets that facilitate the financial speculation on Trump’s political fortunes. She also warned that foreign entities might exploit these tokens to exert covert influence on US politics.

According to her:

“Anyone, including the leaders of hostile nations, can covertly buy these coins, raising the specter of uninhibited and untraceable foreign influence over the President of the United States, all while President Trump’s supporters are left to shoulder the risk of investing in $TRUMP and $MELANIA.”

The senator highlighted ethical concerns surrounding the token, noting that Trump, as president, would appoint leaders to agencies regulating the crypto industry. This, she argued, raises questions about impartiality in governance.

Warren furthered that the memecoins undermine the very people Trump claims to support. She wrote:

“This meme coin could hurt the very people President Trump says he is working to help.”

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