Solana Labs co-founder opposes creation of national crypto reserves
Solana co-founder Anatoly Yakovenko opposes U.S. crypto reserve, warning of decentralization risks.
Solana Labs co-founder Anatoly Yakovenko has voiced strong opposition to a U.S. crypto reserve, arguing that government control over digital assets would erode the decentralized principles that underpin blockchain technology.
In a recent post on X, Yakovenko warned that once the government takes charge of a crypto reserve, it could destroy the very essence of decentralization, reports Cryptopolitan.
He proposed instead that if a reserve is deemed necessary as a hedge against Federal Reserve missteps, it should be managed by the state based on “objectively measurable and rationally justified” criteria—ensuring that only Bitcoin, with its proven scarcity, might qualify.
Debate Over Reserve Composition
Yakovenko’s comments come amid heated debate in the crypto community regarding the makeup of a potential national crypto reserve. While President Trump recently suggested that the reserve include a mix of digital assets such as XRP, Solana (SOL), Cardano (ADA), Bitcoin (BTC), and Ether (ETH), many Bitcoin maximalists, including Yakovenko, maintain that only Bitcoin’s robust properties make it suitable as a store of value.
Analytics firm Polymarket has estimated that about 64% of Bitcoin is currently being used as a reserve in the U.S., with Ethereum following at 42%, and both XRP and SOL trailing at approximately 29% and 28%, respectively. Ripple executives have even pitched to Trump the inclusion of SOL in the reserve to lend legitimacy to a multi-asset approach. However, this proposal has raised concerns among critics who argue that introducing altcoins may dilute the reserve’s effectiveness and invite regulatory complications.
Concerns Over Decentralization and VC Influence
Adding another layer to the debate, former National Security Agency whistleblower Edward Snowden has criticized Solana’s heavy reliance on venture capital funding. Snowden warned that such dependence might compromise the network’s decentralization, describing Solana as “born in prison” due to its constrained independence.
Amid these conflicting views, industry leaders remain divided over whether a U.S. crypto reserve should be diversified across multiple assets or focus solely on Bitcoin to preserve its core attributes. As policymakers and crypto enthusiasts await further details at the upcoming White House Crypto Summit, the discussion over crypto reserve composition underscores the ongoing tension between regulation, decentralization, and innovation.
Recently we wrote, that Ripple Labs executives, including CEO Brad Garlinghouse and Chief Legal Officer Stu Alderoty, reportedly lobbied former President Donald Trump to include Solana’s SOL in the newly announced U.S. crypto reserve.
