Solana co-founder prefers ‘no reserve’ despite SOL inclusion
Anatoly Yakovenko, the co-founder and CEO of Solana, recently expressed his views on the potential establishment of a U.S. cryptocurrency reserve. In a post shared on March 6, he articulated a strong preference against a government-managed crypto reserve, arguing that such control could jeopardize the foundational principles of decentralization inherent in blockchain technology.
Yakovenko outlined his preferences in a clear hierarchy. His first choice is straightforward: no reserve at all. He emphasizes that putting a government in charge of cryptocurrency could lead to the failure of decentralization, which he sees as critical for the future of digital assets. He stated his concerns on X, capturing the essence of his philosophy toward crypto governance.
If a reserve is to be established, Yakovenko suggested a secondary option: allowing individual states to manage their own crypto reserves. He posits that this decentralized approach could serve as a safeguard against potential missteps by the Federal Reserve, thus providing more localized control over digital assets.
On March 2, former President Donald Trump announced plans to create a crypto strategic reserve, listing several cryptocurrencies, including XRP, Solana (SOL), Cardano (ADA), Bitcoin (BTC), and Ether (ETH), which would form part of this reserve. The announcement stirred various reactions within the crypto community.
Yakovenko is also advocating for the inclusion of objectively measurable metrics for tokens that would qualify for any national reserve. He believes that, at least for now, only Bitcoin might meet such standards. However, he adds that any framework established should be “rationally justified,” indicating that the Solana community would rise to meet these requirements if defined.
His remarks were partially a response to recent media reports asserting that Ripple had pushed for Solana’s inclusion in the reserve to bolster the credibility of XRP’s listing alongside it. When questioned on social media about whether representatives from Solana had lobbied for SOL’s inclusion, Yakovenko denied any involvement, comparing the notion to having a “Bitcoin representative.” He firmly stated that no one approached him regarding this matter.
This dialogue parallels another recent statement made by Charles Hoskinson, the founder of Cardano. Hoskinson also denied any prior knowledge or involvement in the selection of ADA for the U.S. reserve, emphasizing that nobody from Cardano had been consulted prior to Trump’s announcement.
As these developments unfold, the crypto community continues to observe closely, particularly as the White House prepares for a crypto roundtable. Various prominent figures in the crypto space, such as Ripple’s Brad Garlinghouse and Coinbase’s Brian Armstrong, are set to attend the summit. This gathering might play a crucial role in shaping the regulatory landscape for cryptocurrencies in the U.S.
