Former Coinbase technology chief Balaji Srinivasan has joined a growing chorus of tech leaders and politicians advocating for Ron Paul to lead the Federal Reserve, highlighting renewed interest in the former congressman’s anti-Fed stance.
What Happened: The discussion gained momentum after Sen. Mike Lee (R-Utah) posted on X, formerly Twitter, asking followers to support Paul as Federal Reserve chairman. Tesla Inc. CEO Elon Musk endorsed the idea, responding to a suggestion that Paul should lead a Federal Reserve audit team.
Srinivasan, a prominent Bitcoin BTC/USD advocate and Silicon Valley investor, shared an image of Paul’s 2009 book “End the Fed” with the caption “Nothing can stop an idea whose time has come.” The book criticizes the Federal Reserve System and advocates for its abolition on constitutional and economic grounds.
This trend coincides with more general debates concerning the leadership of the Federal Reserve. Originally nominated to the Fed Board of Governors by former President Barack Obama, current Fed Chair Jerome Powell was chosen to run the central bank by President Donald Trump in early 2018. Powell has declared his intention to serve out his entire tenure through 2026.
Why It Matters: The conversation around Paul’s potential role extends beyond the Fed chairmanship. Musk previously expressed interest in having Paul join the proposed Department of Government Efficiency (DOGE), a Trump campaign initiative aimed at cutting federal spending. Paul, while open to helping reduce government spending, has indicated he doesn’t seek an official position.
Paul, known for his fiscal conservatism, recently criticized U.S. foreign aid practices, calling them an “immoral transfer of wealth” and arguing they redirect funds from American citizens to wealthy entities in poorer nations.
The renewed attention on Paul’s monetary policy views comes as the DOGE initiative targets potential federal spending cuts of up to $2 trillion, though experts project more modest savings of $50-100 billion annually against a projected $1.7 trillion deficit in 2024.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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