Solana co-founder Anatoly Yakovenko speaks against US government control of digital currency because it goes against decentralized principles.
After learning about President Trump’s suggestion Yakovenko used social media to state his total opposition to it. The administration plans to form a crypto reserve by including well-known cryptocurrencies Bitcoin, Ethereum, XRP, Cardano, and Solana. He revealed that no one sought his opinion when choosing to include Solana in the program.
According to Yakovenko the government should not manage decentralization since this approach would destroy its goals.The Solana co-founder wants crypto reserves built on objective standards to make them safe for digital assets and decentralized.
Solana Co-Founder Supports State-Controlled Crypto Reserves Strategy
The specific details of these measures do not matter to me. These criteria can be designed to show that Bitcoin is the only cryptocurrency that matches them at present. These requirements need to both show clear statistics and follow logical thinking he said.
Instead of backing the federal reserve Yakovenko proposed that states should manage their own cryptocurrency reserves. The proposal creates a backup option to protect against Federal Reserve errors through state-owned digital funds. The Bitcoin Reserve Monitor shows that 26 out of 50 U.S. states now have laws preparing to build Bitcoin reserve funds.
When this document was produced Yakovenko had not revealed if he will attend the White House Crypto Summit on March 7. Several leading crypto industry players will participate in the summit including MicroStrategy Chairman Michael Saylor and other notable executives such as Arjun Sethi, Brad Garlinghouse, Brian Armstrong, among others.
Solana Co-Founder Denies Involvement in Crypto Reserve Decision
According to crypto journalist Laura Shin’s sources Garlinghouse told Trump to select Solana for the crypto reserve to validate the XRP inclusion. Yakovenko explained he had no influence in getting Solana added to the national crypto reserve because he played no part in making the decision.
Industry leaders consistently discuss the negative effect of government handling cryptocurrency reserves on their decentralized nature. Yakovenko supports the standard principles of financial independence that inspire the crypto community through its pushback against control by central organizations.
