Solana Co-Founder Questions Trump’s Crypto Reserve; Here’s What Happened
Solana co-founder and CEO Anatoly Yakovenko has expressed skepticism about President Donald Trump‘s proposed cryptocurrency strategic reserve. His concerns emerged despite Solana’s inclusion in the select group of digital assets. On March 6, Yakovenko shared his preferences regarding a US crypto reserve on social media platform X.
“No reserve” topped his list of preferences. He believes government control could cause decentralisation to fail. This stance reflects his commitment to crypto’s founding principles of freedom from centralised authority.
Yakovenko’s position contradicts the market excitement surrounding Trump’s announcement. The president’s plan aims to position the US as the “Crypto Capital of the World.”
State-Level Reserves Suggested as Alternative
As an alternative, Yakovenko proposed state-run crypto reserves. He suggests this approach could protect against potential Federal Reserve mistakes. This recommendation highlights his concern about centralising power over blockchain networks.
“States run their own reserve as a hedge against the fed making a mistake,” Yakovenko wrote on X. This decentralised approach aligns more closely with cryptocurrency’s independent nature.
The Solana CEO’s suggestion reflects broader industry debates about government involvement in crypto. His view represents those who prioritise maintaining separation between digital assets and federal control.
Objective Criteria Demanded for Asset Selection
If a reserve must exist, Yakovenko insists on “objectively measurable requirements” for cryptocurrency inclusion. He stresses these criteria must be rationally justified and transparent.
“I don’t care what they are; they can even be constructed such that only bitcoin satisfies them right now,” he stated. This indicates his preference for merit-based selection over potentially political choices.
His concern about the selection process highlights fears of arbitrary decision-making. Transparency would ensure fairness and reduce perceptions of favouritism in asset selection.
President Trump revealed his crypto strategic reserve plan on March 2. The Working Group on Digital Assets received instructions to include five cryptocurrencies: Bitcoin, Ethereum, XRP, Solana, and Cardano.
This announcement triggered significant price increases for the named digital assets. Market participants interpreted the inclusion as federal legitimisation of these cryptocurrencies. The plan represents a major shift in US cryptocurrency policy. Trump’s administration appears more supportive of digital assets than previous governments.
Lobbying Speculation Denied
Speculation arose that Ripple pitched Solana’s inclusion to legitimise XRP in the reserve. Yakovenko firmly denied any involvement in such efforts.
“No one asked me, and I didn’t pitch it,” he clarified. This denial reflects his discomfort with insider influence potentially driving reserve composition. The denial also suggests Yakovenko values objective criteria over industry relationships. His stance reinforces his preference for transparent selection processes.
Industry Divided on Government Involvement
Yakovenko’s skepticism highlights a divide within the cryptocurrency community. While some embrace government involvement as legitimising, others see it as contradicting crypto’s foundational principles.
This tension reveals differing visions for crypto’s future. Some prioritise mainstream adoption and institutional acceptance. Others focus on preserving decentralisation and independence.
Meanwhile, the Solana ecosystem continues to develop regardless of reserve status. Yakovenko expressed confidence that Solana could meet any rational benchmark if established.
What’s Ahead for Crypto?
The debate over Trump’s crypto reserve will likely continue as implementation details emerge. However, Yakovenko’s concerns reflect important considerations about balancing government involvement with cryptocurrency’s core values.
As the administration moves forward with its plans, the industry watches closely. The final implementation may determine whether government involvement strengthens or weakens cryptocurrency’s potential.
