Co-founder of Solana Anatoly Yakovenko denied rumors that representatives of Solana lobbyed for the inclusion of the network in a proposed crypto reserve of the US government.
The comments come in the midst of media speculation that Ripple had insisted on Solana’s addition to strengthen his own credibility. Yakovenko rejected claims that Solana had formally advocated his place in the reserve.
Yakovenko answered on Unchained Laura Shin in a post on social media and stated:
“What is a representative of Solana? At the moment it is honestly as if you are saying a Bitcoin representative. Nobody asked me, and I didn’t get it. “
He argued that the decentralized nature of Solana makes the idea of an official representative meaningless, which suggests a Bitcoin spokesperson.
No reserve best option
The controversy stems from the announcement of former President Donald Trump that a strategic reserve of digital assets would be established as part of a broader urge to integrate crypto into US financial policy.
The announcement led to a market dump, with Bitcoin repaired more than $ 94,000, while Ether saw an increase of 19%. The relocation also revived long -term debates about the involvement of the government in crypto markets and whether decentralization supported by the State would jeopardize.
In addition to rejecting lobby claims, Yakovenko expressed himself against the concept of a crypto reserve controlled by the government. He warned that such a movement could jeopardize decentralization, stating that setting the government the management of crypto companies would be the fastest way to undermine its core principles.
He said his preference was not a reserve at all. However, if a reserve were inevitable, he proposed a model in which individual American states could manage their own crypto companies, which made economic competition possible and served as a cover against potential mismanagement of Federal Reserve.
“If there must be a reserve, it must be based on objectively measurable criteria.”
He added that he had no strong opinions about what those criteria should be – just that they should be transparent and logically justified. He remained convinced that the Solana Ecosystem could satisfy all reasonable benchmarks if they were clearly defined.
Industry push back
Yakovenko is not the only figure in the crypto industry that is skeptical about the proposed reserve of Trump. Lee Bratcher, president of the Texas Blockchain Council, argued that an American reserve would only contain Bitcoin, given his status as the most established and decentralized digital assets.
Coinbase CEO Brian Armstrong also expressed reservations about the proposal to include several cryptocurrencies. He argued for a reserve for Bitcoin only and stated that this approach would be the ‘simplest’ and presents a ‘clear story as a successor to gold’.
Despite the skepticism, Trump’s proposal has fueled enthusiasm among crypto investors, especially because it indicates a shift in the attitude of Washington with regard to digital assets. Although some consider the reserve as a potential step in the direction of mainstream adoption, others, just like Yakovenko, see it as a direct threat to the decentralized ethos of the industry.
With Trump’s crypto policy that takes shape prior to the 2024 elections, the debate about the government’s involvement in digital assets is likely to intensify. Industry leaders, policy makers and investors will weigh the implications of a national reserve for the future of cryptocurrency.
