Solana co-founder Anatoly Yakovenko has strongly denied rumors that Solana representatives lobbied for the network’s inclusion in the proposed US government crypto reserve. His statement comes amid speculation that Ripple pushed for Solana’s addition to enhance its credibility.
Responding to Unchained’s Laura Shin in a social media post, Yakovenko stated:
“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 emphasized Solana’s decentralized nature, arguing that the idea of an official spokesperson advocating for its inclusion is fundamentally flawed.
Crypto Reserve Proposal Sparks Debate
The controversy originated from former President Donald Trump’s announcement on March 2 regarding the creation of a strategic digital asset reserve as part of a broader initiative to integrate cryptocurrency into US financial policy.
Following the announcement, Bitcoin surged past $94,000, while Ethereum saw a 19% price increase. However, the proposal has sparked heated debate within the crypto industry, with some welcoming the move and others warning against potential risks to decentralization.
Yakovenko Opposes Government-Controlled Crypto Reserve
Beyond dismissing lobbying claims, Yakovenko expressed strong opposition to the concept of a government-controlled crypto reserve. He argued that such a move could threaten decentralization and put control of digital assets in the hands of centralized authorities.
He further suggested that if a reserve were inevitable, a state-managed model would be preferable, allowing individual US states to hold their own crypto reserves. This, he believes, would encourage economic competition and act as a hedge against Federal Reserve mismanagement.
“If there has to be a reserve, it should be based on objectively measurable criteria.”
Yakovenko clarified that he had no firm opinion on what those criteria should be but insisted they must be transparent and logically justified. He remains confident that Solana’s ecosystem could meet any reasonable benchmarks if they were clearly defined.
Industry Pushback Against Trump’s Crypto Reserve
Yakovenko is not alone in his skepticism. Several industry leaders have expressed concerns over the proposed crypto reserve:
- Lee Bratcher, president of the Texas Blockchain Council, argued that Bitcoin should be the only asset included in a US reserve due to its established status and decentralization.
- Coinbase CEO Brian Armstrong echoed similar sentiments, advocating for a Bitcoin-only reserve, calling it the “simplest” and most logical successor to gold.
Despite skepticism from industry leaders, Trump’s pro-crypto stance has ignited enthusiasm among investors, as it marks a significant shift in Washington’s approach toward digital assets. However, the debate over government involvement in crypto is expected to intensify as the 2024 US presidential election approaches.
What’s Next for the US Crypto Reserve?
With Trump’s crypto policies continuing to take shape, industry leaders, policymakers, and investors are closely watching how a national digital asset reserve could impact the future of cryptocurrency. While some see it as a step toward mainstream adoption, others believe it could undermine decentralization and concentrate power in government hands.
