Solana co-founder Anatoly Yakovenko has denied rumors that Solana representatives had lobbyed to include the network in the proposed US government crypto sanctuary.
The statement came amidst media speculation that Ripple had pushed Solana to add Solana to enhance its own credibility. Jacovenko dismissed the claim that Solana had formally proposed a place at the reserve.
In a social media post, Jacovenko responded to unchained Laura Singh:
“What is Solana's representative? At this point, honestly, I like to say Bitcoin representative. No one asked me, and I didn't pitch it.”
He argued that Solana's dispersed nature made the concept of official representatives pointless and compared them to proposing a Bitcoin spokesman.
There is no best spare option
The controversy comes from former President Donald Trump's announcement on March 2 that strategic preparations for digital assets will be established as part of a broader push to integrate crypto into US monetary policy.
The announcement sparked a market surge, with Bitcoin rebounding above $94,000, while ether rose 19%. The move also rekindled long-standing debate about government involvement in the crypto market and whether state-backed holdings would undermine decentralization.
Not only did Jacovenko reject lobbying claims, she also expressed her opposition to the very concept of government-controlled crypto-protected territories. He warned that such a move could put decentralization at stake, saying that having the government responsible for crypto-holding is the fastest way to undermine its core principles.
He said his preferences were not for spares at all. However, when reserves are inevitable, he proposed a model in which individual US manages their own crypto-holdings, allows economic competition, and serves as a hedge against potential Federal Reserve fraud management.
“If you need a spare, it must be based on objectively measurable criteria.”
He added that he has no strong opinion on what those standards should be. He was convinced that if the Solana ecosystem is clearly defined, it could meet any reasonable benchmark.
Industry pushback
Jacobenko is not the only person in the crypto industry who is skeptical of Trump's proposed reserve. Lee Blacher, president of the Texas Blockchain Council, argued that only US reserves should include Bitcoin, given its position as the most established and decentralized digital asset.
Coinbase CEO Brian Armstrong has also expressed reservations on the proposal to include multiple cryptocurrencies. He advocated a Bitcoin-only reserve, saying that this approach is “the simplest” and presents a “clear story as a successor to gold.”
Despite skepticism, Trump's proposal has fueled enthusiasm among crypto investors, particularly to show a shift in Washington's attitude towards digital assets. While some view this preparation as a potential step towards mainstream adoption, others like Yakovenko see it as a direct threat to the decentralized spirit of the industry.
With Trump's crypto policy taking shape ahead of the 2024 election, debate over government involvement in digital assets is likely to intensify. Industry leaders, policymakers and investors weigh the implications of national reserves for the future of cryptocurrency.
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