Solana co-founder Anatoly Yakovenko denied rumors that Solana representatives lobbied for the network’s inclusion in a proposed US government crypto reserve.
The remarks come amid media speculation that Ripple had pushed for Solana’s addition to bolster its own credibility. Yakovenko dismissed claims that Solana had formally advocated for its place in the reserve.
Yakovenko replied to Unchained Laura Shin in a social media post, stating:
“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 argued that Solana’s decentralized nature makes the notion of an official representative meaningless, likening it to suggesting a spokesperson for Bitcoin.
No reserve best option
The controversy stems from former President Donald Trump’s March 2 announcement that a strategic reserve of digital assets would be established as part of a broader push to integrate crypto into US financial policy.
The announcement triggered a market surge, with Bitcoin rebounded above $94,000, while Ether saw a 19% increase. The move also reignited long-standing debates over government involvement in crypto markets and whether state-backed holdings would compromise decentralization.
Beyond rejecting lobbying claims, Yakovenko expressed opposition to the very concept of a government-controlled crypto reserve. He warned that such a move could jeopardize decentralization, stating that putting the government in charge of crypto holdings would be the fastest way to undermine its core principles.
He said his preference was for no reserve at all. However, if a reserve were inevitable, he suggested a model where individual US states could manage their own crypto holdings, allowing for economic competition and serving as a hedge against potential Federal Reserve mismanagement.
“If there has to be a reserve, it should be based on objectively measurable criteria.”
He added that he held no strong opinions on what those criteria should be — only that they must be transparent and logically justified. He remained confident that the Solana ecosystem could meet any reasonable benchmarks if they were clearly defined.
Industry push back
Yakovenko is not the only figure in the crypto industry skeptical of Trump’s proposed reserve. Lee Bratcher, president of the Texas Blockchain Council, argued that a US reserve should contain only Bitcoin, given its status as the most established and decentralized digital asset.
Coinbase CEO Brian Armstrong also expressed reservations about the proposal to include multiple cryptocurrencies. He advocated for a Bitcoin-only reserve, stating that this approach would be the “simplest” and presents a “clear story as successor to gold.”
Despite the skepticism, Trump’s proposal has fueled enthusiasm among crypto investors, particularly as it signals a shift in Washington’s stance on digital assets. While some view the reserve as a potential step toward mainstream adoption, others, like Yakovenko, see it as a direct threat to the industry’s decentralized ethos.
With Trump’s crypto policies taking shape ahead of the 2024 election, the debate over government involvement in digital assets is likely to intensify. Industry leaders, policymakers, and investors will weigh the implications of a national reserve for the future of cryptocurrency.
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