President Donald Trump’s latest executive order (EO) on digital asset management has stirred controversy, particularly among crypto industry leaders. The EO introduces two major components: a strategic reserve for Bitcoin (BTC) and a broader digital asset stockpile that includes XRP, Solana (SOL), Cardano (ADA), and Ethereum (ETH). While some see this as a move toward legitimizing cryptocurrencies, others raise concerns about its implications for decentralization.
Solana Co-Founder Questions Federal Crypto Reserves
Anatoly Yakovenko, co-founder of Solana, has voiced skepticism regarding the establishment of a national cryptocurrency reserve. His primary concern centers around the potential for government control to undermine decentralization. Yakovenko’s position on reserves can be summarized in three key points:
- No Reserve: He argues that government-controlled reserves could threaten the decentralization ethos of blockchain networks. “If you want decentralization to fail, you’d put the government in charge of it,” he warned.
- State-Level Reserves: Yakovenko suggested that individual states, rather than the federal government, should manage their own digital asset reserves to mitigate risks of mismanagement at the national level.
- Objective Criteria for Inclusion: If a federal reserve must exist, Yakovenko insists that it should be based on clear, rational, and measurable criteria rather than arbitrary selections.
My reserve order of preference
— toly 🇺🇸 (@aeyakovenko) March 6, 2025
1. No reserve, because if you want decentralization to fail you’d put the government in charge of it.
2. Or states run their own reserve as a hedge against the fed making a mistake
3. Or if there has to be a reserve, it’s based on objectively… https://t.co/LfYXCIeRnG
Ripple’s Alleged Push for XRP and SOL
Rumors have surfaced that Ripple may have lobbied for SOL’s inclusion in the reserve to strengthen XRP’s case. However, Yakovenko dismissed such speculation, emphasizing that Solana operates without centralized representation. “What’s a Solana representative? At this point, it’s honestly like saying a Bitcoin representative. No one asked me, and I didn’t pitch it,” he quipped.
Also Read: Solana Co-Founder Rejects US Crypto Reserve Plan Amid Ripple Controversy
As the debate over government involvement in crypto reserves continues, the industry remains divided. While Trump’s EO marks a significant step toward institutional crypto adoption, it also raises critical questions about the balance between regulation and decentralization. Crypto leaders like Yakovenko are urging policymakers to consider the long-term implications before reshaping the future of digital assets.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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