- Yakovenko opposes the US crypto reserve, warns of DeFirisks, and prefers state reserves.
- Trump’s crypto reserve plan includes XRP, SOL, ADA, BTC, and Ether, stirring debate.
- Yakovenko denies Solana lobbying, while Hoskinson clarifies no knowledge of ADA’s inclusion.
Solana CEO Anatoly Yakovenko has expressed concerns about potentially creating a US crypto reserve. In a March 6 post on X, Yakovenko outlined his preferences, stating his top choice would be no reserve. He argued that government involvement could pose risks to the decentralized nature of cryptocurrencies. His second preference would be for individual states to manage their crypto reserves, which he believes could act as a hedge against Federal Reserve missteps.
Trump’s Crypto Reserve Plan
The discussion follows an announcement by US President Donald Trump on March 2. Trump revealed plans for a crypto strategic reserve, which would include major digital assets such as XRP, Solana (SOL), Cardano (ADA), Bitcoin (BTC), and Ether (ETH). Yakovenko also proposed establishing measurable criteria for tokens to be included in a national reserve. He suggested that such standards could be designed so strictly that only Bitcoin might qualify.
Debate Over Government Involvement
Yakovenko’s comments came in response to anonymous reports suggesting that Ripple had lobbied for Solana’s inclusion in the reserve. The reports claimed this was done to lend legitimacy to XRP’s inclusion. When asked if Solana representatives had pitched SOL for the reserve, Yakovenko denied any involvement. He stated that no one had consulted him on the matter.
Similarly, Cardano founder Charles Hoskinson clarified that he had no prior knowledge of ADA’s inclusion in the proposed reserve. Hoskinson confirmed in a March 5 video that no Cardano representatives were consulted or invited to the upcoming White House crypto roundtable.
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The idea of a US crypto reserve has raised discussion within the cryptocurrency ecosystem. Some critics consider it a move toward adoption by more entities, while others fear the government’s role. Yakovenko and Hoskinson’s answers reveal the continuous saga between cryptocurrencies’ regulation and decentralized nature.
The crypto industry remains divided as the US government moves forward with its plans. In the following months, the debate is expected to continue regarding regulation versus the core principles of decentralization. For now, leaders such as Yakovenko and Hoskinson stay open to this innovation’s positive and negative effects and express the need to think them through.
