Anatoly Yakovenko, co-founder and CEO of Solana (SOL), said he would prefer no crypto reserves, particularly questioning the concept of a US government-controlled strategic reserve.
He argued that putting the government in charge of a reserve would ultimately lead to the failure of decentralization. As a secondary option, he suggested that individual states could manage their own reserves, allowing them to hedge against potential mistakes made by the Federal Reserve.
Yakovenko outlined his order of preference for a reserve in an X post on March 6, stating that his first choice would be no reserve at all.
He was confident that the Solana ecosystem would rise to meet any defined targets.
Solana co-founder stated that he did not have strong opinions on what these criteria should be, even if they currently only allowed Bitcoin (BTC) to qualify, as long as they were transparent and logically justified.
Lastly, if a reserve had to exist, Yakovenko emphasized that it should be based on objectively measurable criteria.
He denied Solana’s involvement, saying, “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.”
Yakovenko directly responded to claims that Ripple (XRP) had lobbied for Solana’s inclusion in a proposed national reserve to bolster XRP’s legitimacy.
Trump said that the Working Group on Digital Assets had been instructed to include XRP, Solana, Cardano (ADA), Bitcoin and Ether (ETH) in a strategic reserve.
Yakovenko’s statements follow US President Donald Trump’s proposal on March 2 to announce a list of digital assets to be included in a crypto strategic reserve.
The inclusion of these digital assets had also sparked controversy within the crypto community, with many raising concerns about government overreach and the preservation of decentralization.
Bitcoin also rebounded, rising over 10% to $94,343. Ether, which had seen some of the steepest declines earlier in the year, gained 19%.
Following Trump’s announcement, the cryptocurrency market experienced a significant rally. XRP surged by 34%, SOL increased by 27%, and ADA soared more than 80%.