Solana CEO Yakovenko Opposes Government Crypto Reserve
1min read Anatoly Yakovenko, co-founder and CEO of Solana, has expressed his preference for no crypto reserves, particularly questioning the concept of a government-controlled strategic reserve. Yakovenko's comments come in response to former President Donald Trump's announcement of a strategic crypto reserve, which includes Bitcoin, Ether, XRP, Solana, and Cardano.
Yakovenko outlined his order of preference for a reserve in a post, stating that his first choice would be no reserve at all. He argued that putting the government in charge of a reserve would ultimately lead to the failure of decentralization. As a secondary option, he suggested that individual states could manage their own reserves, allowing them to hedge against potential mistakes made by the Federal Reserve.
Lastly, if a reserve had to exist, Yakovenko emphasized that it should be based on objectively measurable criteria. He stated that he did not have strong opinions on what these criteria should be, even if they currently only allowed Bitcoin to qualify, as long as they were transparent and logically justified. He was confident that the Solana ecosystem would rise to meet any defined targets.
Yakovenko directly responded to claims that Ripple had lobbied for Solana’s inclusion in a proposed national reserve to bolster XRP’s legitimacy. He denied Solana’s involvement, saying, “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.”
Yakovenko’s statements follow Trump’s proposal to announce a list of digital assets to be included in a crypto strategic reserve. Trump said that the Working Group on Digital Assets had been instructed to include XRP, Solana, Cardano, Bitcoin, and Ether in a strategic reserve.
The inclusion of these digital assets had also sparked controversy within the crypto community, with many raising concerns about government overreach and the preservation of decentralization. Lee Bratcher, President of the Texas Blockchain Council, believes that the US reserve should only contain BTC. Steven Lubka, head of Bitcoin investments for institutions at Swan Bitcoin, added that the strategic reserve should be centered around global, neutral, strategic assets that benefit the US. “Bitcoin is the only digital asset which fits this description,” Lubka said.
