Solana Co-founder Opposes US Crypto Reserve, Citing Decentralization Risks
Solana co-founder and CEO Anatoly Yakovenko has expressed strong opposition to the idea of a U.S. government-controlled cryptocurrency reserve, warning that it could undermine decentralization.
Solana co-founder and CEO Anatoly Yakovenko has expressed strong opposition to the idea of a U.S. government-controlled cryptocurrency reserve, warning that it could undermine decentralization.
In a March 6 post on X, Yakovenko outlined his stance, emphasizing that his top preference is no national crypto reserve. He argued that placing the government in control could lead to a failure of decentralization, a fundamental principle of the crypto industry.
He suggested that individual U.S. states could manage their reserves as an alternative. He said this would safeguard against potential missteps by the Federal Reserve. If a national reserve were to be established, his third option would be implementing objective, rationally justified criteria for selecting which cryptocurrencies are included. He noted that such standards could be designed so that only Bitcoin currently meets the requirements but added that the Solana ecosystem would strive to meet them if necessary.
Yakovenko commented on speculation regarding Solana’s potential inclusion in a U.S. crypto strategic reserve. On March 2, President Donald Trump announced that Solana (SOL), Bitcoin (BTC), Ethereum (ETH), XRP, and Cardano (ADA) would be part of the initiative. Anonymous reports suggested that Ripple advocated for Solana’s inclusion to enhance the legitimacy of XRP’s selection.
Addressing these claims, Yakovenko denied any involvement in lobbying for Solana’s addition to the reserve.
“What’s a Solana representative? At this point, it’s honestly like saying a Bitcoin representative. No one asked me, and I didn’t pitch it,”
he stated on social media.
Cardano founder Charles Hoskinson stated he was unaware of ADA’s inclusion in a recent announcement and had not been consulted by Trump. He also revealed that Cardano was not invited to the upcoming White House crypto roundtable. In contrast, several notable figures from the crypto industry, including Ripple CEO Brad Garlinghouse, MicroStrategy’s Michael Saylor, Coinbase CEO Brian Armstrong, and Chainlink co-founder Sergey Nazarov, are expected to attend the meeting.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
Don't miss out!
Subscribe To Our Newsletter
Give it a try. You can unsubscribe at any time.
Experienced web content writer with a strong command of SEO, specializing in creating concise, engaging content that drives traffic and enhances conversions across diverse industries.
Delegate Your Voting Power to FEED DRep in Cardano Governance.
DRep ID: drep12ukt4ctzmtf6l5rj76cddgf3dvuy0lfz7uky08jfvgr9ugaapz4 | We are driven to register as a DRep by our deep dedication to the Cardano ecosystem and our aspiration to take an active role in its development, ensuring that its progress stays true to the principles of decentralization, security, and community empowerment.DELEGATE VOTING POWER!
