Solana co-founder denies lobbying for US crypto reserve as Solana stock surges
1min read Solana co-founder Anatoly Yakovenko has publicly refuted claims that representatives of the Solana network had lobbied for its inclusion in a proposed US government crypto reserve. These rumors surfaced amidst speculation that Ripple executives, including CEO Brad Garlinghouse, had advocated for Solana's addition to the reserve. Yakovenko's denial underscores the importance of decentralization within the cryptocurrency ecosystem, asserting that any form of government control poses a threat to the core principles of blockchain technology.
Yakovenko's denial is particularly significant as it addresses concerns about the potential influence of corporate interests in shaping government policy on cryptocurrencies. The proposed US crypto reserve has sparked debate, with various stakeholders advocating for different cryptocurrencies to be included. Yakovenko's stance aligns with the broader ethos of the cryptocurrency community, which values decentralization and autonomy over centralized control.
Yakovenko's remarks come in response to former President Donald Trump's March 2 announcement that a strategic reserve of digital assets would be established as part of a broader push to integrate crypto into US financial policy. This announcement reignited long-standing debates over government involvement in crypto markets and whether state-backed holdings would compromise decentralization. Yakovenko expressed opposition to the very concept of a government-controlled crypto reserve, warning that such a move could jeopardize decentralization. He stated that putting the government in charge of crypto holdings would be the fastest way to undermine its core principles.
Yakovenko suggested that if a reserve were inevitable, a model where individual US states could manage their own crypto holdings would be preferable. This approach would allow for economic competition and serve as a hedge against potential Federal Reserve mismanagement. He emphasized that any reserve should be based on objectively measurable criteria, which must be transparent and logically justified. Yakovenko remained confident that the Solana ecosystem could meet any reasonable benchmarks if they were clearly defined.
Yakovenko is not the only figure in the crypto industry skeptical of Trump’s proposed reserve. Lee Bratcher, president of the Texas Blockchain Council, argued that a US reserve should contain only Bitcoin, given its status as the most established and decentralized digital asset. coinbase CEO Brian Armstrong also expressed reservations about the proposal to include multiple cryptocurrencies. He advocated for a Bitcoin-only reserve, stating that this approach would be the “simplest” and presents a “clear story as successor to 