He argues that placing the government in charge of a crypto reserve could lead to the failure of decentralization.
Solana Co-Founder Questions Trump’s Crypto Reserve Plan
Solana co-founder Anatoly Yakovenko is concerned about the U.S. government’s intentions to establish a national cryptocurrency reserve.
In a recent post, he believes that government control of such a reserve could undermine the principle of decentralization, which is foundational to cryptocurrencies.
On March 2, U.S. President Donald Trump announced a list of digital assets for a crypto strategic reserve. He directed the Working Group on Digital Assets to include XRP, Solana (SOL), Cardano (ADA), Bitcoin (BTC), and Ether (ETH).
Yakovenko outlined his preferences regarding the establishment of a crypto reserve. He argues that placing the government in charge of a crypto reserve could lead to the failure of decentralization.
As an alternative, he suggests that individual states could manage their own reserves. This approach could serve as a safeguard against potential mistakes by the Federal Reserve.
If a reserve is actually considered necessary, Yakovenko believes that it should be founded on transparent, quantifiable, and logical criteria. He stresses that these criteria should be open and explainable so that any included cryptocurrency fulfills the established criteria.
He stated that these criteria could even be designed so that only Bitcoin currently meets them, but they must be rationally justified. Yakovenko also expressed confidence that if there were a clear benchmark, the Solana ecosystem would strive to achieve it.
His comments followed reports that Ripple allegedly pitched Solana’s inclusion in Trump’s proposed reserve to legitimize XRP. Yakovenko denied any involvement, comparing it to having a “Bitcoin representative.”
Similarly, Cardano’s Charles Hoskinson denied prior knowledge of ADA’s inclusion and noted that no Cardano representatives were invited to the White House crypto roundtable.
Meanwhile, key industry figures like Ripple’s Brad Garlinghouse, MicroStrategy’s Michael Saylor, and Coinbase’s Brian Armstrong are confirmed attendees at the crypto summit under Trump.